Dewan Housing chairman Wadhawan gets bail in Mirchi case

A special court here on Friday granted bail to Kapil Wadhawan, chairman and MD of Dewan

Housing Finance (DHFL) who is accused of having dealings with dead gangster Iqbal Mirchi in the past.

Kapil Wadhawan (46) was arrested on January 27 by the Enforcement Directorate under the Prevention of Money

Laundering Act (PMLA). Claiming that he had no connection with the

transaction of Mirchi's properties, Kapil Wadhawan had move a bail plea before special PMLA court judge P Rajvaidya earlier

this month. While arguing for his bail, defence lawyer Amit Desai

submitted the transaction of DHFL, which the ED has cited for Kapil Wadhawan's arrest, has nothing to do with dealings of

Mirchi. During arguments, the central investigating agency had

opposed the bail plea on several grounds including that Kapil Wadhawan may influence the probe.

According to the ED, Kapil Wadhawan was instrumental in laundering of huge amounts of money as part of an illegal

deal with Mirchi. A sum of Rs 12,773 crore was siphoned off from DHFL on

the pretext of providing loans to one lakh fictitious customers, the ED said.

A part of this loan was used to make payments to Mirchi, who died in 2013 in London, it said.

Mirchi's Mumbai properties were sold to Sunblink Real Estate Pvt Ltd, a company linked to the Wadhawan brothers,

Kapil and Dheeraj, the central agency has said. The agency has alleged Kapil Wadhawan "diverted" funds

from DHFL to shell companies and later these dubious entities got amalgamated with Sunblink to "cover" alleged diversion of

loans acquired from the housing finance firm. Mirchi was allegedly the right hand man of global

terrorist Dawood Ibrahim in the latter's drug trafficking and extortion businesses.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)