The Enforcement Directorate (ED) has frozen ₹51.75 crore lying in a bank account, following searches in connection with a bank loan fraud case allegedly involving Dewan Housing Finance Corporation Limited (DHFL) and its promoters.
Investigation has revealed that the arrangement was used to create an encumbrance over the foreign asset for the purpose of settling a liability in India arising out of the DHFL loan fraud,” it alleged. The ED probe under the Prevention of Money Laundering Act (PMLA) is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) pursuant to a complaint lodged by the Union Bank of India on behalf of a consortium of 17 banks. During the searches, the bank account of Al Jalore Trading FZE was examined, and an amount of $5.41 million (equivalent to about Rs. 51.75 crore) was frozen.
“A purported loan agreement was executed between Al Jalore Trading FZE and Vanita Wadhawan, and the said U.K. property was mortgaged pursuant thereto. “Other incriminating documents and records relating to the transactions and assets under investigation were also seized/impounded…,” said the agency.
