DHFL scam: ED attaches builders' properties worth Rs. 415 crore
The Enforcement Directorate (ED) on Wednesday attached assets worth Rs. 415 crore in India's biggest bank fraud case, the Dewan Housing Finance Limited (DFHL) and Yes Bank scam. The assets belong to two builders also accused in the case. The development comes days after the probe agency seized an AgustaWestland helicopter from the property of a Pune-based builder.
- Until now, Nirav Modi-led PNB loan fraud of Rs. 13,000 crore and ABG Shipyard loan fraud of Rs. 20,000 crore were considered the biggest fraud cases in India.
- However, with Rs. 34,000 crore loan fraud against a consortium of 17 banks, the DHFL scam now stands at the top.
- The loan was declared non-performing asset in 2019 and fraud in 2020.
Builders Sanjay Chhabria of Radius Developers and Avinash Bhosale of ABIL Infrastructure were arrested by the ED earlier. On Wednesday, the agency attached assets worth Rs. 251 crore of Chhabria and assets worth Rs. 164 crore of Bhosale in the Yes Bank-DHFL fraud. The total attachment now stands at Rs. 1,827 crore. Last week, the CBI seized a chopper from Bhosale's property in Pune.
In Chhabria's case, the agency today attached land parcels in Mumbai and Bangalore (Rs. 231 crore), flats and luxury cars (Rs. 6 crore), and profit from a Delhi airport hotel (Rs. 13.6 crore), NDTV reported. The agency attached assets of Bhosale in the form of a duplex Mumbai flat (Rs. 102 crore) and land parcels in Pune and Nagpur (Rs. 60 crore).
ED has provisionally attached assets worth Rs. 251 Crore of Sanjay Chhabria and assets worth Rs 164 Crore of Avinash Bhosale, (total asset worth of Rs. 415 crore) in Yes Bank- DHFL Fraud case under PMLA, 2002. Total attachment in the case stands at Rs. 1827 Crore.— ED (@dir_ed) August 3, 2022
ED is investigating Yes Bank's Rana Kapoor & DHFL's Kapil Wadhawan and Dheeraj Wadhawan. The FIR alleges that Rana Kapoor engaged in a criminal conspiracy with Wadhawans for extending financial assistance to DHFL by Yes Bank for personal financial benefits. "Kapoor invested Rs. 3,700 crore through Yes Bank in short-term non-convertible DHFL debentures & Rs. 283 crore in Masala Bonds," the FIR says.
ED investigation revealed that after the bank transferred funds to DHFL, the latter sanctioned loans to Chhabria's Radius Group (worth Rs. 2317 crore) for developing a project 'Avenue 54' in Santacruz. Chabbria then connived with Bhosale to divert funds to the latter. Alongside, Bhosale reportedly received Rs. 71 crore from DHFL in the garb of providing services to the latter.
ED carried out searches at many locations last month and recovered documents linked to 95 shell companies, along with 25 luxury watches (worth Rs. 1 crore) and 56 paintings (worth Rs. 38 crores) from the Wadhawan brothers. Jewelry worth Rs. 2 crore from the Frank Mueller brand has also been seized. Bhosale also spent Rs. 300 crore on a property in London.
The CBI booked Kapil, Deepak, and 11 others on June 20 in the biggest-ever bank fraud case. The Wadhawans are accused of defrauding a consortium of 17 banks (led by Union Bank of India) of over Rs. 34,000 crore. They reportedly used shell companies and 'Bandra Books' (a parallel accounting system) to give fake loans and steal public funds given to DHFL.