Republic accesses DHFL promoter Kapil Wadhawan's remand copy after his arrest by ED

After several months of investigation, the Enforcement Directorate arrested CMD of Dewan Housing Finance Ltd (DHFL) Kapil Wadhawan in connection with its money laundering probe against deceased gangster Iqbal Mirchi and others on Monday.

Republic TV has accessed ED’s remand copy which reveals some sensational details regarding the link between Kapil Wadhawan’s family and gangster Iqbal Mirchi. During the investigation, the ED had summoned Kapil Wadhawan and his brother Dheeraj Wadhawan several times. They also appeared before the ED in Mumbai.

According to the documents accessed by Republic TV, Kapil Wadhawan had been to London with Chandresh Jhunjhunwala, a real estate agent, to meet Iqbal Mirchi in 2010. His brother Dheeraj Wadhawan had allegedly held several meetings with Iqbal Mirchi in London and Dubai. Several meetings took place with his sons during the time he bought three properties in Worli belonging to Mirchi.

READ | ED arrests DHFL promoter Kapil Wadhawan in Mirchi PMLA case

Wadhawan also accused of creating shell companies 

Kapil Wadhawan has also been accused of creating a string of shell companies that were used to divert the proceeds of crime. Kapil Wadhawan was the CMD and CEO of DHFL and one of the promoters of RKW Developers. His brother Dheeraj Wadhawan, using Sunblink Real Estate as a front, allegedly purchased three properties of Iqbal Mirchi in Worli when Kapil Wadhawan bought shares of five companies -- Faith Realtors Private Limited, Marvel Township Private Limited, Able Realty Private Limited, Poseidon Realty Private Limited, and Random Realtors Private Limited.

A deal was allegedly finalised where Sunblink will pay Rs 225 crores for these properties. Current accounts were opened in Chennai with fake KYC, money was also transferred to shell companies of Mirchi which were done by a Wadhawan's Dubai based company for 128 .5 AED (Arab Emirates Dirham). ED investigation shows loans given to Sunblink could have been routed to promoters.

DHFL gave a loan of Rs 2186 crore to Sunblink Real Estate Pvt Limited. Sunblink invested part of Rs 2186 crore into four real estate firm -- Faith Realtors, Marvel Township, Able Realty, Poseidon Realty, and Random Realtors. These firms also borrowed or took a loan of the huge amount -- Faith Realtors 622.89 crore, Marvel Township 585.79 crore, Able Realty 316 crore, Poseidon Realty 350.37 crore, Random Realtors 182.65. crore. As of March 2017-18, all these firms have zero revenue.

The loans sanctioned to the companies were between 2010 and 2011 and remained unpaid till July 2019, total outstanding Rs 2,186 crore. The ED officials found that that the loans were given bypassing the loan policy of DHFL.

READ | Massive Impact: DHFL director Dheeraj Wadhawan quizzed by ED

READ | Kapil Wadhawan of DHFL joins Enforcement Directorate's probe