In a massive impact after Republic Media Network’s investigation into the alleged links of Sunblink Real Estate Private Limited with Dewan Housing Finance Limited (DHFL), the Enforcement Directorate (ED) on Saturday is questioning the DHFL director Dheeraj Wadhawan. Earlier in the day, the ED has raided more than eight locations, including the DHFL premises in Bandra.
Earlier, Republic Media Network accessed the balance sheet of Sunblink Real Estate Private Limited. As per the balance sheet of Sunblink Real Estate Private Limited, it shows under a certain Schedule B titled Secured Loans, that “Dewan Housing Finance Corporation Ltd” gave a secured loan of Rs.79,791,085 to the company. Subsequently, under Schedule C of the very same documents, it appears to show that an unsecured loan of Rs 141,306,394 was given to Sunblink Real Estate Pvt Ltd.
Previously, a document accessed by Republic Media Network indicated that DHFL approved “consolidation of loans along with security perfection amounting to Rs 2,186 crores” to Sunblink Real Estate Private Limited.
DHFL in a statement has denied any direct handing of loans to Sunblink Real Estate Private Limited. The statement issued by the company said, "As regards the transaction in question DHFL had funded certain projects of various companies. Due to market conditions the borrowers had streamlined their internal operations whereby they have by certain corporate actions undertaken recently merged certain of their companies into Sunblink. As a result, as on date, Sunblink is mentioned as a borrower. The amounts mentioned were not lent to Sunblink as alleged in the article. DHFL actions have been only to enhance its security cover and cash flow receivables on the lending.”
The ED is currently investigating the business dealings of the entire D-Company, particularly those of Iqbal Memon alias Iqbal Mirchi. Sources state that ED had told a Mumbai court that “Rs 2186 crores was received as loans on the proceeds of crime by Sunblink Real Estate Pvt Limited from an NBFC”. The ED has not named the NBFC in question.
Meanwhile, Republic TV's sensational sting on Friday exposed the D-Gang's continued control over the Mumbai property market. It revealed Mirchi and D-gang's alleged links with Mumbai developers in around the same period 2007-2008. Republic has caught on tape Mumbai-based developer Jayant Soni on camera talking about Iqbal Mirchi's influence in the real estate business at that time. Soni not only spoke of his own personal meeting with Iqbal Mirchi but also revealed an alleged deal between Iqbal Mirchi and a certain “Dheeraj” for D-gang linked properties - Rabia Mansion and Samudra Mahal. He reveals how he was sidelined from the deal for a well-connected man, he identifies as “Dheeraj”, in spite of having signed an MoU regarding the properties. As per Soni's divulgences, he was unceremoniously shunted out of the deal when another developer - Sunblink - entered the fray with a larger offer, despite Soni having entered into an MoU. On his being removed from the deal, Soni claimed that Mirchi, whom he had met via an intermediary Humayun Merchant, himself asked him to "get out" of the deal.