The Enforcement Directorate (ED) has provisionally attached assets worth Rs185.84 crore in connection with the bank fraud case involving Dewan Housing Finance Corporation Ltd. (DHFL) and its promoters, Kapil Wadhawan and Dheeraj Wadhawan, who are accused of conspiring to defraud a consortium of 17 banks led by Union Bank of India, the central agency said on Tuesday.
According to the ED, the latest attachment, made on September 5 under the Prevention of Money Laundering Act (PMLA), 2002, covers 154 flats in Mumbai and receivables from 20 additional flats. With this order, the total value of attached assets in the case has reached Rs 256.23 crore.Earlier, the ED had issued a provisional attachment for assets worth Rs 70.39 crore and filed a prosecution complaint before the Special PMLA Court, Mumbai, on April 3, 2025, which was taken cognisance of on May 2, 2025.
The move follows an FIR lodged by the Central Bureau of Investigation (CBI) against DHFL, the Wadhawans, and others for allegedly cheating a consortium of banks. The ED’s investigation found that the accused were involved in siphoning and misappropriating bank loan funds, falsifying company books, and defaulting on repayments.
The probe revealed that in 2017–18, the Wadhawans allegedly diverted DHFL funds through proxy companies and inter-corporate deposits (ICDs) for fraudulent trading in DHFL shares. These trades, executed via brokers, were reportedly pre-arranged to manipulate the stock’s price and trading volumes of the publicly listed company.
The CBI had registered a case based on a complaint filed by Union Bank of India on February 11, 2022, alleging that DHFL, its then CMD Kapil Wadhawan, director Dheeraj Wadhawan, and six real estate companies for allegedly conspiring to cheat a consortium of 17 banks led by Union Bank of India, causing a loss of around Rs 34,615 crore.
The complaint alleged that DHFL had availed credit facilities worth Rs 42,871 crore between 2010 and 2018 but defaulted on repayment commitments from May 2019 onwards. Several accounts were subsequently declared non-performing assets (NPAs) by the lender banks. Based on these allegations, the CBI charged DHFL and its promoters with criminal conspiracy, cheating, and falsification of accounts. Bank of India was reportedly among the worst-hit lenders, given its significant exposure to DHFL.
Parallel to the CBI probe, the Enforcement Directorate (ED) has been tracing the alleged money trail. During its investigation, the agency reportedly recovered incriminating documents and digital records pointing to large-scale diversion of funds. So far, the ED has attached assets worth several thousand crores, including luxury flats, commercial properties, and investments linked to the Wadhawan family.
Both Kapil and Dheeraj Wadhawan are also under investigation by the CBI and ED in connection with alleged irregularities involving Yes Bank founder Rana Kapoor. They continue to remain in custody in relation to the DHFL case and ongoing money laundering probes.
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