Home Insolvency & Bankruptcy ED attaches Rs 70.39 cr assets of Wadhawans in DHFL fraud case

ED attaches Rs 70.39 cr assets of Wadhawans in DHFL fraud case

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ED attaches Rs 70.39 cr assets of Wadhawans in DHFL fraud case

The Enforcement Directorate (ED) has provisionally connected belongings price Rs. 70.39 crore belonging to Kapil Wadhawan and Dheeraj Wadhawan in reference to the a financial institution fraud case involving DHFL. The connected belongings embrace work and sculptures, watches, diamond jewelry, a stake in a helicopter, and two flats in Bandra.

The ED initiated an investigation on the premise of an FIR registered by the CBI in opposition to the Wadhawan brothers and others for dishonest a consortium of 17 banks led by Union Financial institution of India (UBI) to the tune of Rs 34,615 crore. The ED investigation revealed that the Wadhawan brothers and different accused individuals entered right into a felony conspiracy to cheat the consortium of banks and induced them to sanction enormous loans aggregating to Rs 42,871.42 crore. The accused individuals then siphoned off and misappropriated a good portion of those funds by falsifying the books of DHFL and dishonestly defaulted on reimbursement of the loans, inflicting a wrongful lack of Rs 34,615 crore to the consortium lenders.

The ED had earlier connected properties price Rs 1,412 crore of the Wadhawan brothers within the Sure Financial institution-DHFL fraud case and has arrested them. The ED has additionally seized high-end automobiles and connected properties price Rs. 578 crore belonging to an organization owned by the Wadhawans within the DHFL-UPPCL fraud case. The overall attachment on this case now stands at Rs. 2095.94 crore. The ED investigation remains to be in progress.

It have to be famous right here that Piramal Group in 2021 acquired DHFL by means of a company insolvency decision course of.

The overall consideration paid by the Piramal Group of Rs 34,250 crores on the completion of the acquisition, included an upfront money part of Rs 14,700 crores and issuance of debt devices of Rs 19,550 Crores (10-year NCDs at 6.75% p.a. on a half-yearly foundation).

There have been 70,000 collectors of DHFL and most of them recovered practically 46% of their pending dues by means of the profitable completion of decision course of.

Additionally Learn: NCLT approves Piramal Group’s bid for DHFL

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