E-Paper
ED attaches assets worth ₹578 crores of UK-based Wadhawan Global Capital Limited
Over ₹1,000 crores was also allegedly diverted to the UK by the Wadhawans through seven levels of layering and laundering via over 30 beneficially owned/controlled Indian companies
The Enforcement Directorate (ED) has attached assets worth ₹578 crores of United Kingdom-based Wadhawan Global Capital Limited in connection with the Uttar Pradesh Power Corporation Limited (UPPCL) employees’ provident fund scam allegedly involving the Dewan Housing Finance Limited (DHFL).
The company is owned by Kapil and Dheeraj Wadhawan, who are under investigation by multiple agencies in various cases of alleged cheating and fraud.
“During the investigation by ED, it is revealed that DHFL in connivance with UPPCL officials had illegally received ₹4122.70 Crore of GPF and CPF funds of UPPCL’s employees in fixed deposit in DHFL. Out of this total investment of ₹4122.70 Crore by UPPCL in DHFL, ₹2267.90 Crore of principal amounts of provident fund (GPF+CPF) of UPPCL is still outstanding to be paid by DHFL. These illegal investments had been received by the DHFL during the period, where DHFL was engaged into disbursement of high value loans to its promoter related companies,” ED said in a statement.
A significant portion of such loans was allegedly siphoned off and not used for the stated purpose. Over ₹1,000 crores was also allegedly diverted to the UK by the Wadhawans through seven levels of layering and laundering via over 30 beneficially owned/controlled Indian companies.
The ED attached assets worth ₹1,412 crores of the Wadhawans in the Yes bank-DHFL fraud case. Kapil and Dheeraj Wadhawan were also arrested. The agency has also seized its five high-end vehicles valued at ₹12.59 crore.
The ED launched an investigation based on a First Information Report registered by the Lucknow police against some officials of the UPPCL on the charge of investing ₹4,122.70 crores in the DHFL in violation of the government notification and directives.
