A SPECIAL court on Monday again remanded Kapil Wadhawan, chairman and MD of Dewan Housing Finance ( DHFL), to the custody of the Enforcement Directorate ( ED) till February 7 in connection with a money laundering case also involving gangster Iqbal Mirchi.
The ED had arrested Wadhawan, 46, on January 27 under the Prevention of Money Laundering Act ( PMLA) as he was allegedly not cooperating in the probe and was u201c untrustworthyu201d in his dealings and statements made to the agency. After his arrest, he was produced before a special PMLA court, which sent him to the EDu2019s custody for two days and later extended his remand till January 31.
He was admitted to the state- run J J Hospital on January 31 due to ill health following which the special court sent him to judicial custody till February 3.
Wadhawan was on Monday produced before the court where the ED again sought his custody for a period of five days for interrogation.
The court accepted the request and remanded him to the EDu2019s custody till February 7. According to the ED, Wadhawan was instrumental in siphoning off huge amounts of money as part of an illegal deal between Mirchi, alias Iqbal Memon, and the Wadhawans, DHFLu2019s promoters.
The agency claims that in 2010, the Wadhawans executed a deal with Mirchi to purchase the three properties owned by the gangster in central Mumbai. According to the ED, a sum of R 12,773 crore was siphoned out of DHFL fraudulently under the pretext of providing loan to 1 lakh fictitious individual customers using 79 paper companies.
A part of this loan was used to make payments to Mirchi, who died in 2013 in London, it said.
Mirchiu2019s Mumbai properties have been called as proceeds of crime by the ED. Agencies Wadhawan sent to Enforcement Directorate custody again
