ED Begins Probe Into DHFL Scam Money Laundering
By Bobby Anthony The Enforcement Directorate (ED) has initiated an investigation into alleged money laundering of investments parked with mortgage lender Dewan Housing Finance Corporation Limited (DHFL). The total value of the corpus was Rs 4,122 crore. The investment parked with DHFL was the employees’ provident fund (EPF) corpus of Uttar Pradesh Power Corporation Limited (UPPCL).While Rs...
ToRead the Full Story, Subscribe to
Access the exclusive LEGAL ERAStories,Editorial and Expert Opinion
The Enforcement Directorate (ED) has initiated an investigation into alleged money laundering of investments parked with mortgage lender Dewan Housing Finance Corporation Limited (DHFL).
The total value of the corpus was Rs 4,122 crore. The investment parked with DHFL was the employees’ provident fund (EPF) corpus of Uttar Pradesh Power Corporation Limited (UPPCL).
While Rs 4,122 crore was parked with DHFL between March 2017 and December 2018, some Rs 2,267 crore is outstanding with the firm, which has been barred by the Bombay High Court from making fresh repayments.
Incidentally, the economic offenses wing (EOW) of the Uttar Pradesh Police is already probing the alleged criminal conspiracy and unauthorized investment of the PF corpus in DHFL, and the ED will probe the possibility of the money getting laundered and the network used to funnel it.
The Uttar Pradesh police EOW and ED probes will progress concurrently, since the two agencies have different briefs for investigation.
It may be recalled that in November 2019, the EOW had arrested then UPPCL managing director A P Mishra (now retired), apart from suspended officials Praveen Kumar Gupta and Sudhanshu Dwivedi in the high profile case. Those arrested also included chartered accounts (CA) and owners of brokerage or bogus investment firms.
