New Delhi, August 28: The Enforcement Directorate (ED) has taken significant action in the high-profile loan fraud and money laundering case linked to Dewan Housing Finance Corporation Limited (DHFL) and its promoters. Approximately ₹51.75 crore has been frozen as part of this operation, which was conducted under the Prevention of Money Laundering Act (PMLA), 2002, during a raid on August 19.
The ED’s investigation was initiated based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). This FIR stemmed from a complaint by Union Bank of India, representing a consortium of 17 banks.
According to the investigating agency, the promoters of DHFL, including Kapil Wadhawan and Dheeraj Wadhawan, conspired to defraud the group of banks. The consortium had extended credit facilities totaling ₹42,871.42 crore to DHFL.
The ED alleges that there was manipulation of the company’s accounts, leading to the misappropriation of loan amounts, which resulted in a loss of approximately ₹34,615 crore to the lending banks. The investigation revealed that a property named Hurtmore House in the United Kingdom was allegedly sold through various financial transactions under the guise of fake liabilities, registered in the name of Kapil Wadhawan’s wife, Vanita Wadhawan.
The ED stated that a purported loan agreement was established between Al Jalore Trading FZE and Vanita Wadhawan, using the UK property as collateral. The investigation also uncovered that this arrangement was utilized to encumber foreign assets for settling financial obligations arising from the DHFL loan scam in India.
According to the ED, the property was sold in 2026. However, instead of the proceeds going to the actual owner, Vanita Wadhawan, the funds were transferred to Al Jalore Trading FZE’s bank account in India. The agency believes this transaction is part of a planned effort to launder money and settle Indian liabilities through foreign assets.
During the raid, the ED examined the bank account of Al Jalore Trading FZE, which contained approximately $5.41 million (around ₹51.75 crore). The agency has frozen these funds under Section 17(1A) of the PMLA, considering them proceeds of crime. Additionally, several important documents, records, and other evidence were seized, which could play a crucial role in the investigation.
The ED has stated that further investigations are ongoing, and more revelations may emerge in the coming days.
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