Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The Enforcement Directorate today arrested <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> the promoter of Dewan Housing Finance Ltd for reportedly diverting over ₹2,100 crore. </li><li>But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. </li><li>It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. </li></ul>The Enforcement Directorate today arrested Kapil Wadhawan the promoter of Dewan Housing <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">Finance Ltd for reportedly diverting over ₹2,100 crore.</a> Wadhawan will be in custody until January 29 and will have to undergo legal proceeding under the Prevention of Money Laundering Act. (PMLA). But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Here’s a look at Wadhawan Empire and its fall: The Wadhawan Empire <div type="image" title="30F4080F-C360-440F-A7B5-ED4FAEB954C2" msid="73713311" hostid="261"></div>

 From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. [embed image of Rolls Royce Phantom] Rakesh Wadhawan — the billionaire promoter of DHIL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. PMC Bank: A billion-dollar hole in the banking system <div type="image" title="BF576ACB-EF02-4CE7-ABA5-CC5C573E0AA2" msid="73713310" hostid="261"></div>

 The crisis-ridden bank's annual report for 2018-19 nowhere mentions exposure to any real estate firm and it only talks of MSME lending and NPAs at 3.76%. Two directors — Rakesh and Sarang Wadhawan — of HDIL that set off the massive crisis at the PMC Bank by defaulting on loans worth nearly ₹6,500 crore have been arrested. They were arrested by the Economic Offences Wing of the Mumbai Police. According to the complaint, HDIL and its group companies were the beneficiaries of 44 loans or 73% of PMC's total loan book size of ₹8,880 crore - a mammoth violation of regulations which forbid banks from handing out such a large proportion of cash to one sector, let alone a single firm. The <keyword id="366872" type="PERSON" weightage="20" keywordseo="Iqbal-Mirchi">Iqbal Mirchi</keyword> case: A fraud of ₹2186 crore <div type="image" title="CE1A3028-D4C1-46B2-B3AA-0E45E0BC55D3" msid="73713304" hostid="261"></div>

 The <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">agency has filed a criminal case</a> against Mirchi, his family members and others to probe money laundering charges for alleged illegal dealings in purchase and sale of five properties — Ceejay House, Sahil Bungalow, Rabia Mansion, Marium Lodge and Sea View at prime Worli locations in Mumbai. "Kapil Wadhawan, being chairman and managing director of Dewan Housing Finance Ltd (DHFL), had visited London along with a city-based real estate broker to meet Iqbal Mirchi in 2010. He has been instrumental in siphoning off huge amounts of money as part of the illegal deal between Mirchi and the Wadhawans," the ED said in its remand note.(hyperlink) According to<a href="https://www.firstpost.com/business/dhfl-chief-kapil-wadhawan-siphoned-off-over-rs-2100-cr-from-hfc-to-5-shell-companies-flouting-norms-ed-7966201.html"> media reports</a>, Kapil Wadhawan reportedly purchased shares in five shell companies — Faith Realtors Private Limited, Marvel Township Private Limited, Able Realty Private Limited, Poseidon Realty Private Limited, and Random Realtors Private Limited — to give away over ₹2,100 crore loan from DHFL. ED is said to believe that Wadhawan loans siphoned funds from DHFL to shell companies who later gave loan to <keyword id="8230719" type="UNKNOWN" weightage="20" keywordseo="sunblink">Sunblink</keyword> Real Estate which was linked with Iqbal Mirchi — a dead drug lord and the brother of fugitive gangster <keyword id="4703704" type="PERSON" weightage="20" keywordseo="Dawood-Abrahim">Dawood Abrahim</keyword>. (With Agencies) See also: <a href="https://www.businessinsider.in/stock-market/markets/article/rakesh-jhunjhunwala-warren-buffett-of-india-net-worth-and-portfolio-in-january-2020/articleshow/73693467.cms">The $2.6-billion Rakesh Jhunjhunwala, called the ‘Warren Buffett of India’, has to protect an image that was built over 35 long years</a>

With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars

The <keyword id="6354457" type="COMPANY" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) on Monday gave its approval to <keyword id="6400918" type="COMPANY" weightage="20" keywordseo="Piramal-group">Piramal Group</keyword>'s bid for bankrupt-DHFL, subject to certain conditions. The tribunal's Mumbai-bench, chaired by H P Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final judgement from the <keyword id="6396354" type="COMPANY" weightage="20" keywordseo="national-company-law-appellate-tribunal">National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="COMPANY" weightage="20" keywordseo="nclat">NCLAT</keyword>) and the <keyword id="6354977" type="COMPANY" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>'s judgement on Kapil Wadhawan in the matter. In its order, NCLT asked <keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>'s (Dewan Housing Finance Corporation Ltd) Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan. "We are not remanding the plan back to CoC, we respect their commercial wisdom," it said. NCLT also rejected former DHFL promoter Kapil Wadhawan's plea to get access to a copy of the resolution plan. On May 25, NCLAT stayed the direction of NCLT asking the lenders of DHFL to consider the offer by Wadhawan. The appellate tribunal had also clarified that its order should not come in the way for NCLT to decide on approval for the resolution plan selected by the CoC. NCLAT's direction had come on an urgent petition moved by the <keyword id="63524" type="COMPANY" weightage="20" keywordseo="Union-Bank-of-India">Union Bank of India</keyword> on behalf of the CoC. On May 19, NCLT asked the RBI-appointed administrator of DHFL to present the settlement plan offered by Wadhawan to the CoC. In January this year, the CoC voted in favour of selling DHFL to the Piramal Group under the Insolvency and Bankruptcy Code. Last year, Wadhawan had made his settlement offer to the CoC. The offer was rejected by the creditors, citing lack of credibility and the valuations attached to the proposed asset sales. In the plan, Wadhawan had proposed to repay lenders by selling assets. In November 2019, <keyword id="30067" type="COMPANY" weightage="20" keywordseo="RBI">RBI</keyword> had referred DHFL -- then the third-largest pure-play mortgage lender -- for resolution under the Code. DHFL had gone bankrupt with more than ₹90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

NCLT approves Piramal Group's resolution plan for DHFL

New Delhi, Apr 26 () The CBI has taken DHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan into custody from a Mahabaleshwar-based quarantine facility in connection with a case of bribery against former Yes Bank CEO Rana Kapoor, officials said on Sunday. A process of executing non-bailable warrants against both is going on, a CBI official said. The Wadhawan brothers are named as accused in the CBI FIR pertaining to swindling of money by Kapoor and others, the officials said. The two were absconding since the case was registered against them on March 7, the agency had alleged. They were held by Satara police earlier this month while allegedly violating prohibitory orders related to lockdown when a carcade carrying Wadhawan family members was stopped at Panchgani in Maharashtra. They were kept at a quarantine facility in Mahabaleshwar by the district administration, they said. The Central Bureau of Investigation (CBI) had written to the Satara district administration to not release them without a No Objection Certificate from it, the officials added. ABS SRYSRY

You Searched For "Kapil Wadhawan" and got 3 results

With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars

Preeti Soni

NCLT approves Piramal Group's resolution plan for DHFL

PTI

CBI takes DHFL promoters Kapil, Dheeraj Wadhawan into custody in Yes Bank scam

PTI

Popular Keywords

Buying Guides