ED Seizes Rs 70 Cr Assets of DHFL Promoters" (50 characters)

01 Nov 2023 CW Team

DHFL, a non-banking financial company, has been under scrutiny for alleged financial irregularities and misappropriation of funds. The investigation against its promoters began after the company defaulted on its loan repayments in 2019.

The ED's move comes as part of its ongoing probe to trace the alleged proceeds of crime and unearth the money trail involved in the alleged irregularities. The attachment of assets is aimed at preventing the promoters from disposing off the properties and proceeds derived from illegal activities.

According to sources, the investigation revealed that the accused promoters allegedly diverted funds received from financial institutions through fictitious loan accounts and the proceeds were further used for personal purposes and investments in benami properties.

The attachment of assets is a significant step towards recovering the defrauded funds as it allows the authorities to confiscate the properties identified as proceeds of crime. Once the case reaches its conclusion, the confiscated assets will be liquidated and the proceeds will be utilized to settle the liabilities of DHFL.

The ED has been actively investigating cases of money laundering and financial irregularities across various sectors. Its efforts are primarily focused on tracking and seizing the proceeds derived from illegal activities, ensuring that the fraudsters face the consequences of their actions.

DHFL's case, being one of the major allegations of financial irregularities, highlights the need for stricter regulation and monitoring in the financial sector. The ED's actions serve as a deterrent for potential wrongdoers, sending a clear message that illegal activities will not go unnoticed or unpunished.

As the investigation progresses, more details regarding the alleged misappropriation of funds and involvement of other parties are expected to emerge. The attachment of assets by the ED reaffirms its commitment to bringing the culprits to justice and recovering the funds for the benefit of affected stakeholders.

The Enforcement Directorate (ED) has attached assets worth over Rs 70 crore belonging to the promoters of Dewan Housing Finance Corporation Limited (DHFL) in relation to a money laundering case. The attached assets include residential and commercial properties in Mumbai valued at Rs 65.75 crore and balances in bank accounts worth Rs 6.28 crore. DHFL, a non-banking financial company, has been under scrutiny for alleged financial irregularities and misappropriation of funds. The investigation against its promoters began after the company defaulted on its loan repayments in 2019. The ED's move comes as part of its ongoing probe to trace the alleged proceeds of crime and unearth the money trail involved in the alleged irregularities. The attachment of assets is aimed at preventing the promoters from disposing off the properties and proceeds derived from illegal activities. According to sources, the investigation revealed that the accused promoters allegedly diverted funds received from financial institutions through fictitious loan accounts and the proceeds were further used for personal purposes and investments in benami properties. The attachment of assets is a significant step towards recovering the defrauded funds as it allows the authorities to confiscate the properties identified as proceeds of crime. Once the case reaches its conclusion, the confiscated assets will be liquidated and the proceeds will be utilized to settle the liabilities of DHFL. The ED has been actively investigating cases of money laundering and financial irregularities across various sectors. Its efforts are primarily focused on tracking and seizing the proceeds derived from illegal activities, ensuring that the fraudsters face the consequences of their actions. DHFL's case, being one of the major allegations of financial irregularities, highlights the need for stricter regulation and monitoring in the financial sector. The ED's actions serve as a deterrent for potential wrongdoers, sending a clear message that illegal activities will not go unnoticed or unpunished. As the investigation progresses, more details regarding the alleged misappropriation of funds and involvement of other parties are expected to emerge. The attachment of assets by the ED reaffirms its commitment to bringing the culprits to justice and recovering the funds for the benefit of affected stakeholders.