The Enforcement Directorate (ED), taking a major action, has temporarily attached immovable and movable properties worth Rs 185.84 crore under the Prevention of Money Laundering Act (PMLA), 2002 on 05 September 2025.
The action has been taken in the bank fraud case of Diwan Housing Finance Corporation Limited (DHFL), in which Kapil Wadhwani, Dheeraj Wadhwani and other accused persons are accused of plotting to cheat the consortium of 17 banks led by Union Bank of India.
Bank fraud manipulated books
According to the ED, the seized properties include 154 flats and 20 flats in Mumbai. The investigation was initiated on the basis of FIR of the CBI, in which cases are registered under the IPC and Prevention of Corruption Act.
The ED investigation revealed that DHFL, Kapil Wadhwani and Dheeraj Wadhwani manipulated the company’s books and misused and embezzled the bank loan amount. During the year 2017–18, the two brothers cheated the stock market by diverting funds through proxy companies and inter-corporate deposits (ICDs).
Property attached to Rs 70.39 crore
Through these trading done through brokers, the price and volume of DHFL shares was artificially increased. Earlier, ED had attached assets worth Rs 70.39 crore. On 03 April 2025, ED filed prosecution complaint in Mumbai’s Special PMLA Court, on which cognizance was taken on 02 May 2025. Till now, assets worth Rs 256.23 crore have been attached in this case. The ED has said that further investigation of the case is going on.
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