The Wadhwan brothers' UK-based company is worth Rs. 578 crore in assets

ED proceedings in UPPCL money laundering case

Uttar Pradesh Power Corporation Ltd. officials accused of illegally investing employees' CPF and GPF money in DHFL

The ED had registered a case under the PMLA on the basis of an FIR lodged by the Lucknow police

New Delhi: Former Diwan Housing Finance Limited (DHFL) promoters Kapil Wadhwan and his patient-owned UK-based company have seized assets worth Rs 578 crore in connection with a money laundering case in Uttar Pradesh Power Corporation (UPPCL). Stated.

The agency said the assets seized under the Prevention of Money Laundering Act (PMLA) were in the form of WGC-UK investments in UK-based companies by the Wadhwan brothers.

The Wadhwan brothers are currently in jail on money laundering charges with a yes back fraud case. The ED's latest case against Wadhwan is based on an FIR lodged by Lucknow police against some officials of Uttar Pradesh Power Corporation Limited (UPPCL) for 'illegal investment' of General Provident Fund (GPF) and employees' Central Provident Fund (CPF).

This 'illegal investment' was received by DHFL during the period when DHFL was distributing high value loans to its promoter related companies. DHFL, along with UPPCL officials, illegally withdrew Rs 4,12.70 crore from UPPCL employees' General Provident Fund and CPF Fund in DHFL's fixed deposit.