The Enforcement Directorate (ED) has made a major discovery during the probe into the DHFL scam when they found software used by the Wadhawans to launder Rs 12,773 crore from the DHFL.
The ED discovered found out that Dewan Housing Finance Corporation (DHFL) promoters Kapil and Dheeraj Wadhawan created shell companies to divert money from the NBFC they were investigating suspicious land deals related to the late Underworld gangster, Iqbal Mirchi.
The investigating team discovered that the software, installed in the main operating systems of DHFL, was used to create fake folio numbers and accounts, where the siphoned money was equally distributed. The total amount in these dummy accounts is almost close to Rs 12,800 crore.
The ED found that the software was specifically created for the purpose of hiding fake loans or the amount laundered through the NBFC from RBI and other agencies, indicating that DHFL’s promoters were directly involved in laundering money.
According to ED’s investigating team, the fake loan profiles or accounts created by the software are mainly residents of the slums as DHFL provided loans to SRA projects as well. The real people had no idea that their documents and profiles were misused by DHFL. Even the staff in government quarters have been listed as debtors of DHFL in the system. Hundreds of crores were laundered in their name without their knowledge.
Such was the creativity around this functioning of the software that it would distribute loan amounts in a pattern. For instance, if Rs 1 crore was to be distributed equally then the software would create some number of such fake accounts and distribute unanimously from Rs 10 lakh to Rs 25 lakh.
The ED got access to the software after the arrest of Kapil Wadhawan, chairman of DHFL. Kapil Wadhawan is in judicial custody of the Enforcement Directorate till February 18.
As per KPMG forensic audit report, Enforcement Directorate has found Rs 12,773 crores laundered by DHFL and another Rs 20,000 crore remains untraceable. DHFL owes over Rs one lakh crore to multiple financial institutions, including a Rs 40,000 crore exposure to banks.
On February 7th, The Enforcement Directorate (ED) team investigating the Iqbal Mirchi case had discovered a bigger case of money laundering, where DHFL promoters Kapil and Dheeraj Wadhawan were the prime accused.