DHFL’s Kapil and Dheeraj Wadhawan Face Fresh Action as ED Seizes 154 Flats, Movable Assets Worth Rs185.84 Crore
Moneylife Digital Team 09 September 2025
The Mumbai zonal office of the directorate of enforcement (ED) has provisionally attached assets worth Rs185.84 crore in the ongoing investigation into the Dewan Housing Finance Corporation Ltd. (DHFL) bank fraud case involving DHFL's former promoters Kapil Wadhawan and Dheeraj Wadhawan. The attachments, made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, include 154 flats and receivables from 20 flats in Mumbai.
 
The case stems from a first information report (FIR) by central bureau of investigation (CBI) against DHFL and its promoters for allegedly cheating a consortium of 17 banks led by Union Bank of India. According to investigators, the Wadhawans hatched a conspiracy to siphon off and misappropriate bank loan funds by falsifying DHFL’s books and dishonestly defaulting on repayments.
 
ED's probe revealed that during FY17–18, Kapil and Dheeraj Wadhawan diverted funds through proxy companies and inter-corporate deposits (ICDs) for fraudulent trading in DHFL’s listed shares. The trades, executed via brokers, were allegedly pre-arranged to manipulate price and volumes, creating a false market in the stock.
 
This latest action follows an earlier provisional attachment order worth Rs70.39 crore, bringing the total value of assets attached in the case to Rs256.23 crore. In April this year, ED also filed a prosecution complaint before the special PMLA court in Mumbai which took cognisance of the matter on 2 May 2025.
 
The DHFL case is one of the largest banking frauds in India, with losses running into thousands of crores for public sector banks. Both, ED and CBI, allege that the Wadhawan brothers used a complex web of shell companies and fictitious transactions to siphon funds, launder money and prop up DHFL’s financial position before it collapsed.
 
ED stated that further investigation into the money trail and identification of additional assets is underway.
 
Last month, the Mumbai bench of national company law tribunal (NCLT) declared Kapil Wadhawan bankrupt, while the Supreme Court refused to extend the surrender deadline for his brother, Dheeraj Wadhawan, in the country’s largest bank loan fraud case. 
 
In its order dated 14 August 2025, the bench comprising judicial member Lakshmi Gurung and technical member Hariharan N Iyer directed Kapil Wadhawan to submit his statement of financial position to bankruptcy trustee Sanjay Kumar Mishra within seven days. (Read: DHFL's Kapil Wadhawan Declared Bankrupt, Dheeraj Ordered To Surrender in Rs34,000-crore Loan Fraud Case)
 
In a parallel development, the Supreme Court rejected an appeal by Dheeraj Wadhawan seeking more time to surrender in the ongoing Rs34,000-crore bank loan fraud case linked to DHFL. The apex court had earlier cancelled the medical bail granted by the Delhi High Court and directed him to surrender by mid-August (Read: Dheeraj Wadhawan’s Bail Cancelled by Supreme Court in DHFL’s Rs34,926 Crore Bank Fraud).
 
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Comments
sonykurien
2 months ago
Hope FDs in DHFL are repaid in full
vijaykumar.a.rane
2 months ago
I entirely agree with r_ashok41. While on the subject I as a poor investor invested good part of hard earned money and life time savings and retirement benefits in to DHFL FD expecting to lead peaceful retired life.

However I am pained to mention that these two gentlemen have uspred money and joining many others who have cheated those investors who had put full faith and trust in them.

Further I am working How our law protecting government agencies taking such a long time to punish these financial fraudster book under the rules of country?
By their prolonged inaction in the matter doubts are created in public as if these authorities are in hand in glove with these criminals?

After all " justice delayed is justice denied"

Is'nt it?

I pray to God let wise counsel will prevail upon our government agencies and help poor retail investors and home buyers to recover their lost money.

r_ashok41
2 months ago
Good to hear the above and how have these people siphoned off the public /investor money.
All their properties should be auctioned off and the amount got from it give it to investors especially small retail investors in FD and NCD even though Piramal group have given some amount but retail investors have taken a hair cut .
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