Money laundering case: DHFL promoters Wadhawans sent to jail

PTI
Wednesday, 27 May 2020

A special court here on Wednesday remanded DHFL promoters Kapil and Dheeraj Wadhawan, arrested by the ED in connection with money laundering probe against Yes Bank co-founder Rana Kapoor and others, to 14-day judicial custody.

Mumbai: A special court here on Wednesday remanded DHFL promoters Kapil and Dheeraj Wadhawan, arrested by the ED in connection with money laundering probe against Yes Bank co-founder Rana Kapoor and others, to 14-day judicial custody.
 
They were arrested earlier this monthunder the provisions of the Prevention of Money Laundering Act (PMLA). 

The Wadhawans brotherswere produced before the special court at the end of their Enforcement Directorate (ED) remand.
 
The court sent them to jail after no further remand was sought by the central investigating agency. 

The duo, also being probed by the ED in another money laundering probe linked to late gangster Iqbal Mirchi, were summoned by the agency multiple times in the Yes Bank case but they had cited the ongoing COVID-19 travel restrictions to skip appearance. 

In April, the Wadhawan brothers and their family members had travelled to Mahabaleshwar, a hill station in Satara district of Maharashtra, in violation of the coronavirus-induced lockdown. Five vehicles used by the family were seized by the ED.
 
As many as 44 companies belonging to 10 large business entities, including Anil Ambani Group, Essel Group, IL&FS, Dewan Housing Finance Corporation Ltd, Cox & Kings and Bharat Infra, among others, reportedly accounted for bad loans worth Rs 34,000 crore of Yes Bank. 

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through the bank that later allegedly turned non-performing assets (NPAs). 

Kapoor is currently in the ED's custody.
 
The Wadhawans are also being probed by the Central Bureau of Investigation (CBI) in connection withthe same case.  

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