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Iqbal Mirchi case: 12.7K-cr siphoned from DHFL, ED tells court

By HT Correspondents
PUBLISHED ON JAN 30, 2020 01:21 AM IST

The Enforcement Directorate (ED), which is probing a money-laundering case against late gangster Iqbal Mirchi, on Wednesday told a special PMLA court that 12,773 crore had been siphoned off from Dewan Housing Finance Corporation (DHFL) through one lakh fictitious customers, using 79 firms which were linked to the non-banking finance company’s promoters. The court extended the custody of DHFL promoter Kapil Wadhawan— arrested by ED in connection with its probe on Monday — till January 31.

DHFL allegedly extended loans to Sunblink Real Estate Pvt Ltd, which purportedly routed money to Mirchi, who died in the UK in 2013. The agency told the court that DHFL came under its scanner when it was examining three properties linked to Mirchi, an aide of fugitive gangster Dawood Ibrahim, in Worli.

ED told the court that the 12,773 crore siphoned off includes the loan given to Sunblink, along with loans, worth 1,500 crore, given to five other companies — Faith Realtors, Marvel Township, Able Realty, Poseidon Realty and Random Realtors — in 2010-11. ED claimed the loan amount was used by Sunblink to make payments to Mirchi for purchasing the three properties in Worli. The agency also claimed that the five other firms were under Wadhawan’s control and were amalgamated with Sunblink in 2019. “There are many layers in the transaction. The properties of Mirchi purchased by Sunblink were used to write off the loan in the books of account of DHFL, taken by Sunblink and five companies,” the ED counsel submitted. ED claimed searches conducted at DHFL’s premises had revealed “digital evidence” of these transactions. The agency said they need to “confront” Wadhawan with the evidence.

The defence counsel, Amit Desai and Pranav Badheka, said there is no link between DHFL and the case of money-laundering case involving Mirchi. The defence said that ED had not arrested Dheeraj Wadhawan, former non-executive director of DHFL and Sunny Bhatija of Sunblink — both named as accused by the agency. Desai said the loan granted to the five firms had nothing to with the transaction of Sunblink with Mirchi.

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