Kapil Wadhawan of DHFL joins Enforcement Directorate's probe

The Enforcement Directorate’s (ED) investigation into the Iqbal Mirchi case gained momentum on Monday with financial giant Dewan Housing Finance Corporation‘s (DHFL) chairman and managing director Kapil Wadhawan joining the probe. According to the sources, Wadhawan also submitted a few documents to the ED’s Mumbai unit.

The agency had earlier conducted searches after Republic TV on October 18 exposed the link between a company associated with Iqbal Mirchi Sunblink Real Estate Pvt Ltd and an NBFC which was suspected to be DHFL. His brother Dheeraj Wadhawan is also under the scanner of the agency as his name came up during the investigation.

READ | ED raids DHFL premises in connection to D-company transfers

Sublink accused of entering into a deal with Humayun Merchant

Following the arrest of one Haroun Aleem Yusuf and Ranjeet Singh Bindra, ED came across Sunblink Real Estate Pvt Ltd during the investigation. Sunblink is accused of entering into a deal worth Rs 225 crore with Iqbal Mirchi’s close aide and Power of Attorney Humayun Merchant for three properties in Mumbai. ED has informed the court that “Rs 2186 crores was received as a loan on the proceeds of crime by Sunblink Real Estate Pvt Limited from an NBFC." The agency did not name the NBFC. Republic dug deeper to unearth the link. It raises some uncomfortable questions for financial giant DHFL. 

A deep investigation carried out by Republic TV revealed that the rot goes deeper. Studying the balance sheet of Sunblink Real Estate Pvt Ltd. reveals that DHFL gave an unsecured loan of Rs 141,306,394 to Sunblink. Another document accessed by Republic TV shows that DHFL approved “consolidation of loans along with security perfection amounting to Rs 2,186 crores” to Sunblink Real Estate Private Limited. Interestingly, this same amount – Rs 2,186 crores – given to Sunblink as a loan has been questioned by ED. The agency has told the court that they suspect that this amount was used for terror activities.

According to sources, Dheeraj Wadhawan will be called in for questioning by ED as soon as he is released from Kokilaben Hospital where he is being treated for a lung ailment.

READ | DHFL states 'never lent Sunblink' over ED probing NBFC funding D-gang

READ | Massive Impact: DHFL director Dheeraj Wadhawan quizzed by ED

READ | Former Finance Director & GM arrested in DHFL Case