ED finds Rs 12,773 crore DHFL diversion linked to Iqbal Mirchi properties

The Enforcement Directorate (ED) probing the case related to money laundering of billions of rupees for the purchase of properties owned by late underworld gangster Iqbal Mirchi has found that some companies had helped in the diversion of funds from DHFL.

ED officials in their probe have found that the money paid to Mirchi in India according to his brother Aslam Merchant was around Rs 111 crore, while Rs 150 crore was paid through hawala channels in Dubai to Mirchi.

Rs 150 crore payment is not reflected in any balance sheets of DHFL.

The ED, in their probe, found that Kapil Wadhawan created shell companies and diverted around Rs 2,186 crore which were also used to buy properties of Iqbal Mirchi in Worli through their company Sunblink Real Estate Ltd.

Kapil had bought shares in five companies identified as Faith Realtors Pvt Ltd, Marvel Township Pvt Ltd, Able Realty Pvt Ltd, Poseidon Realty Pvt Ltd and Random Realtors Pvt Ltd. The five companies in which Kapil Wadhawan had bought shares were then given loans from DHFL without following any procedure, keeping any collaterals or following any KYC rules.

Later in order to create papers or documentation for the properties bought from Mirchi, the price of the property has been inflated manifolds and this amount has been secured against this property. It is suspected that part of the diverted amount has been used to make payments to Mirchi.

ED officials have found that Rs 12,773 crore was siphoned off from DHFL by creating 1,00,000 fake and fictitious entities through 79 paper companies and part of this amount was further adjusted towards paying Mirchi for the said properties in Worli.

READ | Kapil Wadhawan diverted Rs 2,186 crore from DHFL to buy Mirchi properties

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