ED identifies Rs 3,000-crore assets of Kapil Wadhawan in DHFL case

The assets include a 12,000 square foot parcel of land in Melbourne, Australia, worth around Rs 1,000 crore; a villa in Koshamui in Thailand worth Rs 50 crore; flats and offices in UK and US

The Enforcement Directorate (ED) has identified about 20 assets worth Rs 3,000 crore belonging to Dewan Housing Finance (DHFL) promoter Kapil Wadhawan in India and abroad. It is assessing these properties for possible attachment in a few weeks.

The assets include a 12,000 square foot parcel of land in Melbourne, Australia, worth around Rs 1,000 crore; a villa in Koshamui in Thailand worth Rs 50 crore; flats and offices in the UK and US.

There are several properties in India as well — including four flats in Khar, Mumbai, valued at Rs 125 crore, and a restaurant valued at Rs 30 crore in the same area; a flat at Pali Hills and a villa in Juhu, mortgaged by a housing finance firm worth Rs 10 crore and Rs 15 crore, respectively; 570 unsold flats in Kurla worth Rs 1,000 crore; and the Dreams The Mall in Bhandup worth Rs 150 crore.

During questioning, ED found that DHFL rigged its share prices on many occasions with the help of some dummy firms. The firm sanctioned loan to some front entities on paper, which later bought the company shares in bulk, to rig the share price, a source said. ED may seek market regulator assistance to understand the rigging. Sources say that some directors of these front entities are being questioned.

Meanwhile, the probe agency is believed to be examining some private sector banks’ exposure in DHFL firms as it suspects the latter’s promoters were involved in some deals to get rid of bank loans.

The ongoing investigation has found that DHFL diverted Rs 12,773 crore worth of loans to 79 shadow companies, allegedly associated with its promoters, in the garb of retail loans to about 100,000 fictitious customers between 2010 and 2015.

Former chairman and managing director Kapil Wadhawan has been in ED custody in connection with a money laundering probe involving gangster Iqbal Memon alias Iqbal Mirchi. ED is trying to identify more such assets allegedly created out of proceeds of crime.