A special court under the Prevention of Money Laundering Act (PMLA) granted bail to Dewan Housing and Finance Limited (DHFL) chairman Kapil Wadhawan in the Iqbal Mirchi money laundering case.
The 46-year-old is accused by the agency of being an ‘active conspirator’ in a money laundering case involving yesteryear druglord Iqbal Memon alias Mirchi’s properties.
As per the Enforcement Directorate case, properties of Mirchi, which are believed to be proceeds of crime were sold to a firm linked with the Wadhawans. The ED has alleged that the brothers were beneficiaries of a loan given by DHFL to five shell companies amounting to 2,186 crores. Kapil, it has said, used and controlled the firms to layer the origin of the monies.
Kapil Wadhawan was arrested on January 27 and filed for grant of bail some days later.
Earlier, Enforcement Directorate sought his custody for five days and he was sent to the agency’s custody by the court with the consent of his advocate, as the regular court that was handling the matter was on leave.
Wadhawan was arrested and was sent to the judicial custody as he had to be admitted to the hospital after he complained of lower respiratory tract infection and hypertension. The court had then asked him to be produced on being discharged.
The special PMLA court had earlier granted bail to Kapil’s brother Dheeraj who is accused by the agency of being the ‘prime mover’ of a property deal between a company linked to him and late drug lord Iqbal Memon, alias Mirchi.
