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Dewan Housing Finance Limited (DHFL) developers Kapil and his brother Dheeraj Wadhawan were arrested Thursday in connection with a Yes Bank money laundering case that was investigated by the Compliance Directorate (ED).
The duo was brought before a special court on the Money Laundering Prevention Act (PMLA), which referred them to ED custody until May 24.
A single-judge court in the Bombay High Court (HC), comprised of Judge Bharati Dangre, on Tuesday rejected the Wadhaw’s release on early bail and said a custody interrogation was needed due to the serious nature of complaints such as money laundering and the accused had entered. in a conspiracy with several others, including Yes Bank promoter Rana Kapoor and her family.
The judge said that only applicants can shed light on the nature of the transactions and that the alleged conspiracy could be resolved after questioning.
ED had initiated a process against the Wadhawans based on a first information report (FIR) registered by the Central Bureau of Investigation (CBI) on March 7 against Kapoor for conspiracy, cheating and under the relevant provisions of the Prevention of Corruption.
It is alleged that between April and June 2018, Yes Bank invested Rs 3.7 billion rupees in DHFL short-term non-convertible bonds and Kapoor received Rs 600 million rupees as bribes from DHFL, in the form of advance loans to two companies, DOIT Urban Ventures (India) Private Limited and Morgan Credits Private Limited.
While Kapoor’s daughters have 100℅ shares in DOIT, Morgan Credits is controlled by his wife.
ED also alleged that the Wadhawans had formed at least 79 companies to divert money.
Additional Attorney General Anil Singh, who appeared on behalf of ED, opposed the appeals and stated that DHFL had not yet redeemed the obligations and that Yes Bank had not received their amount.
He added that DHFL has made a loan of Rs 600 crore to companies controlled by the Kapoor family by showing extremely overpriced properties.
Emergency Department officials said it had served the Wadhawans to cooperate with them and appear before the last week of March, but they did not cooperate. The agency also said that the closure restriction claims are invalid because if they could travel to Mahabaleshwar, they could also have visited the emergency office.
The Wadhawan, along with a group of 23 people, had circumvented the existing closure restrictions and traveled to Mahabaleshwar from Khandala on April 8. The family managed to leave Mumbai with the letter of permission issued by senior state government officials, which is under investigation.
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