Mumbai: The Enforcement Directorate (ED) stated before the special court for prevention of money laundering on Wednesday that Dewan Housing Finance Ltd (DHFL) diverted funds to the tune of ₹12,733 crore by using 1 lakh fake borrowers to 80 alleged shell entities.
ED made these statements during the remand hearing of chairman and managing director, Kapil Wadhawan. He was arrested on 27 January. The special court on Wednesday extended his custody till 31 January.
“The funds were directed to 80 shell companies. A few builders are also being probed as the money was diverted to them through fictitious transactions. The funds were diverted to these shell entities without any paper work and proper sanctions in garb of retail loans. 1 lakh of these retail individual customers have been found to be fake. These transactions are dating back to 2015,” said an official with the ED.
Currently ED is trying to establish the credentials and investigating details of these 80 shell companies to trace the money.
ED also clarified that Wadhawan has been arrested for this particular fund diversion and that some of the money found its way to properties under investigations in the Iqbal Mirchi case.
“Part of the siphoned money was used to pay Mirchi and rest was laundered,” said the ED official.
The ED accused the Wadhawans of purchasing shares of the five firms after which they got amalgamated in Sunblink. These five firms are Faith Realtors, Marvel Township, Abe Realty, Poseidon Realty and Random Realtors. The outstanding loans of these five firms, which were around ₹2, 186 crore till July 2019, allegedly got appropriated onto the books of Sunblink in order to cover the diversions of loans acquired from DHFL.
The funds from DHFL were used to acquire few properties and assets by Mirchi.