1. Overview – Fresh ED Action in DHFL Fraud
The Enforcement Directorate (ED) has attached flats and receivables in Kurla, Mumbai, worth ₹186 crore in connection with the DHFL fraud case. The assets are linked to former promoters Kapil Wadhawan and Dheeraj Wadhawan, accused of orchestrating one of India’s largest financial scams.
With this action, the total value of assets attached in the case now rises to ₹256 crore.
2. The Scale of the DHFL Scam
The DHFL (Dewan Housing Finance Ltd) fraud is estimated at ₹34,615 crore, involving large-scale diversion of loans. Among the most infamous aspects of the scam are the “Bandra books”, a set of fake housing loans worth ₹14,000 crore allegedly created in the names of fictitious borrowers.
This fraudulent practice inflated DHFL’s loan book, allowing funds to be siphoned off while masking the company’s financial health.
3. Role of the Wadhawan Brothers
Kapil and Dheeraj Wadhawan, as ex-promoters of DHFL, are accused of masterminding the diversion of funds.
Investigators allege that loan disbursements were rerouted through shell companies and fictitious accounts.
Funds raised from banks and financial institutions were allegedly misused, leaving creditors and investors with massive losses.
4. ED’s Investigative Progress
Recent Attachment: Flats and receivables worth ₹186 crore in Kurla.
Cumulative Action: Assets worth ₹256 crore now seized.
Ongoing Focus: Tracing the flow of funds and recovering diverted assets from the fraud.
The ED’s actions form part of a broader crackdown on financial frauds that have shaken confidence in India’s non-banking financial sector (NBFCs).
5. Implications for Banking & Investors
Lenders’ Losses: Several public and private banks face heavy write-offs due to DHFL’s collapse.
NBFC Oversight: The case highlights the urgent need for stronger regulatory checks on shadow banking.
Investor Caution: Retail and institutional investors are reminded of the risks tied to weak corporate governance.
FAQ
Q1: What has ED attached in the DHFL fraud case?
The ED has attached flats and receivables worth ₹186 crore in Kurla, Mumbai, linked to the Wadhawan brothers.
Q2: How much is the total asset attachment so far?
With this action, the cumulative seizure in the DHFL case stands at ₹256 crore.
Q3: What is the total size of the DHFL fraud?
The scam is pegged at ₹34,615 crore, making it one of the biggest financial frauds in India.
Q4: What are the “Bandra books”?
The “Bandra books” refer to a set of fake housing loans worth ₹14,000 crore allegedly given to fictitious borrowers, used as a tool to siphon funds.
Q5: Who are Kapil and Dheeraj Wadhawan?
They are ex-promoters of DHFL and are accused of creating fake loan accounts, diverting funds, and misleading regulators and banks.
Conclusion
The ED’s fresh attachment of ₹186 crore assets in the DHFL case underlines the scale and seriousness of the fraud led by the Wadhawan brothers. With total seizures now at ₹256 crore, the agency continues to pursue recovery of diverted funds.
The ₹34,615 crore scam serves as a stark reminder of the systemic risks in India’s financial sector and the importance of robust oversight, corporate governance, and accountability in protecting investors and the banking system.
Published on : 10th September
Published by : SMITA
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