Crisis of the DHFL: ED arrests CMD Kapil Wadhawan under money laundering case, suspected to be in contact with Iqbal Mirchi.

Dewan Housing Finance Ltd (DHFL) CMD Kapil Wadhawan, 46 years old, has been arrested and brought before the specified PMLA court by the Enforce Directorate (ED), under the Prevention of Money Laundering Act (PMLA) and held under the custody of the ED until 29 January 2020. The court accepted the Agency’s claim that Wadhawan’s remand was essential since he knew the transactions and payments made to buy the three properties in Worli in central Mumbai, allegedly owned by the gangster Iqbal Mirchi.

“Chairman and managing director of Dewan Housing Finance Ltd (DHFL) Kapil Wadhawan visited London in 2010 with a local real estate broker to meet Iqbal Mirchi.” As part of the illicit deal between Mirchi and Wadhawans, he was instrumental in collecting huge sum of money. Kapil Wadhawan played a very important part in the catastrophic money laundering transactions.

“He diverted major funds to shell companies from DHFL, and it was eventually transferred to Wadhawan’s operated Sunblink Real Estate Pvt Ltd,” the ED mentioned in its remand note. The case involves the assets of Mirchi Mumbai that have been identified as the ED’s crime proceeds and three of such properties have been sold to the Wadhawan brothers, Kapil and Dheeraj company named Sunblink.

The ED has filed a criminal lawsuit against Mirchi alias Iqbal Memon, his family and others to examine money laundering charges, for alleged illicit sale and purchase of expensive real estate assets transactions in Mumbai. Mirchi, who died in London in 2013, was supposed to be the right-hand man in the drug trafficking and extortion crimes of the global terrorist Dawood Ibrahim.