DHFL CMD held for money laundering
The court had granted bail to Kapil Wadhawan’s younger brother and prime accused Dheeraj Wadhawan in the same case in the morning.
Mumbai: A special Prevention of Money Laundering Act (PMLA) court on Monday evening remanded Kapil Wadhawan, chief managing director of Dewan Housing Finance Ltd (DHFL), in the Enforcement Directorate’s (ED) custody till January 29 in connection with the ongoing probe into the money laundering case against Dawood Ibrahim’s former henchman Mohammad Iqbal Memon alias Iqbal Mirchi.
The court had granted bail to Kapil Wadhawan’s younger brother and prime accused Dheeraj Wadhawan in the same case in the morning.
The Enforcement Directorate had called Kapil Wadhawan to its office in the morning and arrested him around 4 pm after he failed to produce certain documents sought by the agency and also failed to give satisfactory answers.
The ED then produced Kapil Wadhawan before special PMLA judge Prashant P. Rajvaidya and argued that DHFL had given loans of Rs 1,100 crore to five shell companies in 2010-11 and this money was later given to Iqbal Mirchi to buy three properties in Worli.
The agency had initially called him to its office on November 19, 2019, and he had sought three days’ time to produce documents related to these loans.