DHFL Bank Fraud Deepens: ED Seizes 154 Flats, ₹185 Crore in Assets
Syed Ali Taher Abedi
Mumbai, September,9,2025-The Directorate of Enforcement (ED), Mumbai Zonal Office, has provisionally attached immovable and movable assets valued at approximately Rs. 185.84 Crore on 05.09.2025 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. This action arises from the bank fraud case involving M/s Dewan Housing Finance Corporation Ltd. (DHFL), where Kapil Wadhawan, Dheeraj Wadhawan, and other accused individuals are charged with entering into a criminal conspiracy to defraud a consortium of 17 banks led by Union Bank of India.
The provisionally attached assets comprise immovable properties consisting of 154 flats and movable assets in the form of receivables pertaining to 20 flats located in Mumbai. The Enforcement Directorate initiated proceedings pursuant to an FIR registered by the Central Bureau of Investigation under various provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, against M/s DHFL, Kapil Wadhawan, Dheeraj Wadhawan, and others for alleged commission of bank fraud and cheating a consortium of banks.
ED investigation revealed that, M/s DHFL, Kapil Wadhawan, Dheeraj Wadhawan, and others were involved in siphoning off and misappropriation of bank loan funds by falsifying the books of the DHFL and dishonestly defaulted the said bank loans.
Further, it has been revealed that during 2017–18, Kapil Wadhawan and Dheeraj Wadhawan conspired to divert DHFL funds through proxy companies and ICDs for fraudulent trading in DHFL shares.
These trades executed via brokers were pre-arranged to rig the share price and volumes of public listed DHFL stock. Earlier, ED also issued Provisional Attachment Order for assets worth Rs. 70.39 Crore. ED has also filed a Prosecution Complaint before the Hon’ble Special PMLA Court, Mumbai on 03.04.2025 for which cognizance was taken on 02.05.2025. Total attachment in this case till date stands at Rs.256.23 Crore. Further investigation is under progress.
