New Delhi: The Enforcement Directorate (ED) on Tuesday mentioned it has hooked up property value Rs 578 crore of a UK-based firm owned by former DHFL promoters Kapil Wadhawan and his brother Dheeraj in reference to the UPPCL cash laundering probe in opposition to them and others.
The hooked up properties “are within the type of funding made by the Wadhawans by WGC-UK in United Kingdom-based firms” and a provisional order has been issued underneath the Prevention of Cash Laundering Act (PMLA).
The worth of the property GBP (British kilos) 57 million or Rs 578 crore, it mentioned in an announcement.
The Wadhawan siblings are at current in jail in reference to the Sure Financial institution alleged mortgage fraud cash laundering case.
The newest ED case in opposition to the Wadhawans is predicated on an FIR filed by Lucknow Police in opposition to some officers of Uttar Pradesh Energy Company Ltd (UPPCL) for “unlawful funding” of basic provident fund (GPF) and central provident fund (CPF) of the workers of the ability firm into Dewan Housing Finance Restricted (DHFL) “in violation” of the federal government notification and directives.
“DHFL in connivance with UPPCL officers had illegally acquired Rs 4,122.70 crore of GPF and CPF funds of UPPCL’s staff in mounted deposit in DHFL.”
“Out of this whole funding, Rs 2,267.90 crore of principal quantity of provident fund (GPF+CPF) of UPPCL remains to be excellent to be paid by DHFL,” the ED claimed.
These “unlawful investments” had been acquired by the DHFL through the interval when DHFL was engaged into disbursement of high-value loans to its promoter associated firms.
“All such unsecured loans had been sanctioned as per the instructions of the chairman of DHFL, Kapil Wadhawan and lots of of such loans have become NPA,” the company alleged.
Many of those loans, it mentioned, have been siphoned off with out utilising them for the aim they had been sanctioned for.
“The proceeds of crime, amounting to greater than Rs 1,000 crore, generated on this case has been siphoned off to UK by the Wadhawans by seven ranges of layering and laundering by greater than 30 beneficially owned/managed Indian firms,” it mentioned.
The company had earlier hooked up properties value Rs 1,412 crore of the Wadhawans in reference to a separate cash laundering case investigation being performed in opposition to them within the Sure Financial institution alleged mortgage fraud case.
It had additionally seized 5 SUVs, valued at Rs 12.59 crore, owned by them within the Sure Financial institution case.
(This story has not been edited by The Press Reporter workers and is auto-generated from a syndicated feed.)