STOCK MARKET BSE NSE

Lockdown breach: ED seeks cancellation of Kapil Wadhawan's bail

Kapil Wadhawan, chairman and MD of Dewan Housing Finance Limited was arrested on January 27 this year by the ED for his dubious dealings with gangster Iqbal, and was booked under PMLA.

Published: 15th April 2020 06:49 PM  |   Last Updated: 15th April 2020 06:49 PM   |  A+A-

DHFL chairman Kapil Wadhawan

DHFL chairman Kapil Wadhawan.

By PTI

MUMBAI: The Enforcement Directorate on Wednesday moved the Bombay High Court seeking cancellation of bail of DHFL promoter Kapil Wadhawan, who is an accused in a money laundering case, for violating his bail conditions and travelling during the coronavirus lockdown.

Advocate Purnima Kantharia of the Enforcement Directorate (ED) mentioned the application before high court Justice P D Naik.

The court then issued notice to Wadhawan and posted the matter for further hearing on April 23.

Kapil Wadhawan, the 46-year-old chairman and managing director of Dewan Housing Finance Limited (DHFL), was arrested on January 27 this year by the ED for his dubious dealings with gangster Iqbal, who died in 2013, and was booked under provisions of Prevention of Money Laundering Act IPMLA).

He was granted bail on February 21 by a special PMLA court in Mumbai.

Kapil Wadhawan, his brother Dheeraj Wadhawan and other family members travelled to their farmhouse at Mahabaleshwar hill station in Maharashtra's Satara district last week, in alleged breach of the lockdown imposed to check the spread of coronavirus.

Subsequently, the ED on Friday issued orders for seizure of five luxury vehicles in which they travelled to Mahabaleshwar from Khandala.

The Wadhawan brothers and 21 others, including their family members, are at present in quarantine in Mahabaleshwar.

Kantharia said the ED sought an urgent hearing of its application after it came to light that Kapil Wadhawan violated the conditions imposed upon him by the special PMLA court while granting him bail.

"The accused (Kapil Wadhawan) was directed to appear regularly before the ED to ensure he does not leave the city.

However, it was recently learnt that he travelled outside the city and thus, violated the bail conditions, Kantharia said.

She said this was an added ground for the prosecution to seek urgent hearing into its application requesting cancellation of bail granted to Wadhawan.

According to the ED, Kapil Wadhawan laundered money from DHFL as part of an illegal property deal with Mirchi.

It alleged that Rs 12,773 crore was siphoned off from DHFL on the pretext of providing loans to one lakh fictitious customers.

A part of this loan was used to make payments to Mirchi, who died in 2013 in London, the agency claimed.

As per the ED's case, Mirchis properties in Mumbai were sold to Sunblink Real Estate Private Limited, a company linked to Kapil Wadhawan and his brother Dheeraj Wadhawan.

 

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp