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ED conducted searches at the offices and residence of builder Sudhakar Shetty

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The raids follow ED’s claims before the Prevention of Money Laundering Act (PMLA) court that Wadhawans (Kapil and brother Dheeraj) used DHFL to siphon off over Rs 12,000 crores through 79 shell companies through about one lakh fictitious borrowers.

 The Enforcement Directorate (ED) on Thursday conducted searches at the offices and residence of builder Sudhakar Shetty, an associate of Kapil Wadhawan, DHFL promoter who has been arrested in connection with a money laundering case.

The raids follow ED’s claims before the Prevention of Money Laundering Act (PMLA) court that Wadhawans (Kapil and brother Dheeraj) used DHFL to siphon off over Rs 12,000 crores through 79 shell companies through about one lakh fictitious borrowers. The agency, probing arrested promoter of the embattled home financier Kapil Wadhawan, has claimed that the Wadhawans had allegedly used a part of these funds to pay the late drug lord Iqbal Memon, alias Iqbal Mirchi.

The agency is probing a property deal comprising the purchase of three dilapidated buildings in Worli, which were illegally acquired by Mirchi and subsequently sold to Sunblink Real Estate, an alleged front company of the Wadhawans.

The association with Shetty, a dance bar owner-turned-builder, was also elaborated in the last year forensic audit conducted by KPMG. The audit report had reportedly found diversion of over Rs 19,000 crore of bank loans to DHFL-related entities. “Shetty, a real-estate owner and developer of Sahana Group …. Of the 40 entities, six (with commonalities to DHFL promoter entities) had invested Rs 2,885 cr in other entities owned by Shetty. Loan disbursed to six entities amounted to Rs 3,850 cr… And ICD were issued amounting to Rs 355 cr… outstanding of these six entities amounted to Rs 3,849 cr,” the report stated. “Sample fund flow analysis amounting to Rs 1,014 cr indicated that the source of funds disbursed was redemption of mutual funds amounting to Rs 292 crores,” it added.

Shetty is a former director of Darshan Developers Private Limited which gave donations to the BJP between 2014 and 2016.

Source: TNN

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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