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<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

New Delhi, The Central Bureau of Investigation (<keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword>) in its charge sheet lodged in the Rs 34,615 crore <keyword id="127124" type="General" weightage="100" keywordseo="dhfl" source="Orion">DHFL</keyword> loan fraud case has said that the accused created 87 shell companies and 2,60,000 fake borrowers to launder money. The charge sheet was filed in the second week of October. The federal probe agency has also said in its charge sheet that the accused set up a virtual branch to launder money. The CBI had on October 15 filed the charge sheet against 75 accused, including private companies before the Rouse Avenue court in Delhi. It has been alleged that <keyword id="2693" type="General" weightage="80" keywordseo="kapil" source="Orion">Kapil</keyword> and Dheeraj <keyword id="695125" type="General" weightage="80" keywordseo="wadhawan" source="Orion">Wadhawan</keyword> laundered money and purchased 24 paintings worth Rs 63 crore. The charge sheet said that the laundered money was spent on credit cards, foreign trips and renting chartered planes. The CBI has alleged that Wadhwas were using a special designed software which was generating dummy data. The software was also showing various fake entries of home loan takers. The accused also created a virtual branch in the name of Bandra branch with a code 001 whereas in reality this branch does not exist. From this virtual branch, loans were given to shell companies. <cmsannotation type="cmsannotation" annotationid="Case history" comment="subhead" text="Case history">Case history</cmsannotation> The charge sheet has been filed against Kapil Wadhawan, Dheeraj Wadhawan, both the then CMD, DHFL; Harshil Mehta, its ex CEO, Ajay Vazirani; Advocate, Jayesh Khona; the then Vice President (Accounting), DHFL, Dinesh Bansal; Director of D K Realty (India) Pvt. Ltd, Sunny Bathija; Director of Sunblink Real Estate Pvt. Ltd, Ajay Navandar; Jignesh Mehta, CA of Chaturvedi &amp; Shah LLP, Amit Chaturvedi, Partner of Chaturvedi &amp; Shah LLP and others. In July the CBI had seized a helicopter parked in a hangar at the premises of Avinash Bhosale, one of the accused, at Baner Road in Pune. "It came to light that RKW Developers Pvt. Ltd (a company owned by Wadhawan family) allegedly has stakes in Varva Aviation (an Association of Persons) which owns an AW109SP Grand New Helicopter (AgustaWestland Helicopter) which was allegedly purchased in 2011. RKW Developers Pvt. Ltd joined the Association of Persons in 2017 contributing towards cost price and maintenance of said helicopter. "ABIL Infraprojects Ltd, a company owned by Avinash Bhosale allegedly has a stake in the said helicopter. As it was allegedly apprehended that the funds used for making payment towards the stake in Association of Persons were sourced from loan funds sanctioned by different banks, therefore, we have seized the helicopter which was parked in a hangar at the premises of Bhosale at Baner Road, Pune," the CBI had said. Earlier the federal probe agency had seized two paintings made by F.N. Souza (1964) and another by S.H. Raza (1956) worth Rs 5.50 crore; two watches of Jacob &amp; Co &amp; Frank Muller Geneve make worth Rs 5 crore and Jewellery including worth Rs 2 crore. The CBI had said that the promoters had acquired expensive items using the diverted funds. DHFL Directors Kapil and Dheeraj Wadhwan, who were arrested by the agency, were brought to Delhi from Lucknow. Earlier on July 8, the CBI had recovered paintings and sculptures worth Rs 40 crore. A case was registered on June 20, 2022. Vipin Kumar Shukla, DGM and Branch head of Union Bank of India, Nariman Point, Mumbai lodged an FIR in this connection. It was alleged in the complaint Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan it's former CMD, Dheeraj Wadhawan, the ex-Directors, Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the Consortium of 17 banks led by Union Bank of India. "Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871.42 crore and siphoned off and misappropriated a significant portion of the said funds by falsifying the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks. That caused a wrongful loss of Rs 34,615.00 crore to the consortium lenders," said the CBI. The CBI after conducting an inquiry lodged the case under sections 120-B read with 409, 420, 477-A of IPC and Section 13(2) read with sections 13(1)(d) of Prevention of Corruption Act. The FIR was lodged against DHFL, its former CMD Wadhwan, MD Dheeraj Rajeshkurrar Wadhwan, present Director <keyword id="4946125" type="General" weightage="50" keywordseo="sudhkar-shetty" source="Orion">Sudhkar Shetty</keyword>, Amaryllis Realtors LLP (ARLLP), Gulmarg Realtors LLP (GRLLP), Skylark Buildcon Pvt. Ltd, Darshan Developers Pvt. Ltd, Sigtia Constructions Pvt. Ltd, Creator Builders Pvt. Ltd, Township Developers Pvt. Ltd, Shishir Reality Pvt. Ltd, Sunblink Real Estate PM. Ltd and other unknown persons including public servants. The official said that it was found that the promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore using the diverted funds. Earlier, searches were conducted on June 22 at 12 locations in Mumbai at the premises of the accused which led to recovery of incriminating documents. Further investigation in the matter was on.

DHFL loan fraud case: Money laundered via 87 shell firms, 2.6 lakh fake borrowers

(Eds: Adding details)Mumbai, Apr 15 () The Enforcement Directorate onWednesday moved the Bombay High Court seeking cancellation ofbail of DHFL promoter Kapil Wadhawan, who is an accused in amoney laundering case, for violating his bail conditions andtravelling during the coronavirus lockdown.Advocate Purnima Kantharia of the EnforcementDirectorate (ED) mentioned the application before high courtJustice P D Naik.The court then issued notice to Wadhawan and postedthe matter for further hearing on April 23.Kapil Wadhawan, the 46-year-old chairman and managingdirector of Dewan Housing Finance Limited (DHFL), was arrestedon January 27 this year by the ED for his dubious dealingswith gangster Iqbal, who died in 2013, and was booked underprovisions of Prevention of Money Laundering Act IPMLA).He was granted bail on February 21 by a special PMLAcourt in Mumbai.Kapil Wadhawan, his brother Dheeraj Wadhawan and otherfamily members travelled to their farmhouse at Mahabaleshwarhill station in Maharashtra's Satara district last week, inalleged breach of the lockdown imposed to check the spread ofcoronavirus.Subsequently, the ED on Friday issued orders forseizure of five luxury vehicles in which they travelled toMahabaleshwar from Khandala.The Wadhawan brothers and 21 others, including theirfamily members, are at present in quarantine in Mahabaleshwar.Kantharia said the ED sought an urgent hearing of itsapplication after it came to light that Kapil Wadhawanviolated the conditions imposed upon him by the special PMLAcourt while granting him bail."The accused (Kapil Wadhawan) was directed to appearregularly before the ED to ensure he does not leave the city.However, it was recently learnt that he travelled outside thecity and thus, violated the bail conditions, Kantharia said.She said this was an added ground for the prosecutionto seek urgent hearing into its application requestingcancellation of bail granted to Wadhawan.According to the ED, Kapil Wadhawan laundered moneyfrom DHFL as part of an illegal property deal with Mirchi.It alleged that Rs 12,773 crore was siphoned off fromDHFL on the pretext of providing loans to one lakh fictitiouscustomers.A part of this loan was used to make payments toMirchi, who died in 2013 in London, the agency claimed.As per the ED's case, Mirchis properties in Mumbaiwere sold to Sunblink Real Estate Private Limited, a companylinked to Kapil Wadhawan and his brother Dheeraj Wadhawan. SPGK GK

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

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DHFL loan fraud case: Money laundered via 87 shell firms, 2.6 lakh fake borrowers

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Lockdown breach:ED seeks cancellation of Kapil Wadhawan's bail

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