The Enforcement Directorate (ED) has made a significant breakthrough in the multi-crore DHFL loan fraud case, attaching 154 flats and receivables from 20 additional units in Mumbai’s Kurla locality. The accused, Kapil and Dheeraj Wadhawan, are alleged to have siphoned funds through bogus loans and shell companies, defrauding a 17-bank consortium led by Union Bank of India.
Properties Seized by ED
On September 10, 2025, ED confirmed the seizure of 154 flats, along with receivables from 20 more units, with a combined estimated value of ₹186 crore. These properties were developed by the Wadhawan brothers themselves. This action is part of a broader money laundering probe targeting the individuals responsible for one of India’s largest financial frauds.
With previous confiscations, including luxury assets like diamond jewellery, artworks, high-end watches, 2 Bandra flats, and a 20% share in a helicopter, the total value of attached properties now stands at ₹256 crore.
The Modus Operandi
Investigations reveal that the Wadhawans manipulated DHFL’s books and defaulted on loans after securing credit facilities totaling ₹42,871 crore. Of this, ₹24,595 crore was funneled through 66 proxy entities disguised as inter-corporate loans, while ₹11,909 crore remains unrecovered.
Among the most alarming findings was the disbursement of ₹14,000 crore in fictitious housing loans to 1.8 lakh non-existent individuals, recorded under secret ledgers known as the ‘Bandra books.’ These inflated books ultimately turned into non-performing assets (NPAs), significantly worsening the financial damage to lenders.
Summary
The ED has attached 154 flats and receivables in Kurla worth ₹186 crore in the ongoing investigation into the ₹34,615 crore DHFL loan fraud. The Wadhawan brothers allegedly used fake loans and shell companies to divert funds, including issuing ₹14,000 crore in fictitious housing loans to 1.8 lakh non-existent borrowers. With prior seizures, the total value of assets attached now stands at ₹256 crore, highlighting the scale of one of India’s largest financial frauds and ongoing recovery efforts by the authorities.
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