dhfl: ED attaches assets of DHFL’s Wadhawans

The Enforcement Directorate on Tuesday provisionally attached assets worth ₹578 crore belonging to Wadhawan Global Capital (UK) Ltd (WGC-UK), a company owned by Dewan Housing Finance (DHFL) founders Kapil and Dheeraj Wadhawan. The provisional attachments have been made under the provisions of the Prevention of Money Laundering Act in the DHFL-Uttar Pradesh Power Corporation (UPPCL) fraud case.

The Wadhawans are currently in jail in judicial custody in the

fraud case.

The assets attached on Tuesday are in the form of investments made by the brothers through WGC-UK in UK-based companies, the agency said in a press release.

Provisional attachments by the ED go next to the adjudicating authority of the agency, which will decide on the attachments after giving the opportunity to be heard to the accused.

In June,

Capital & Housing Finance had received the bankruptcy court’s approval to acquire DHFL for ₹37,250 crore. The ED had initiated the money-laundering investigation based on a case registered by the Lucknow Police against certain officials of Uttar Pradesh Power Corporation for allegedly illegal investment of provident fund money of its employees in DHFL.