- Enforcement Directorate froze Rs 51.75 crore in account linked to Al Jalore Trading FZE
- The amount is alleged proceeds of crime in the Rs 34,615 crore DHFL bank fraud case
- The probe follows CBI case after Union Bank of India complaint on behalf of 17 lenders
The Enforcement Directorate has frozen around Rs 51.75 crore held in a bank account linked to Al Jalore Trading FZE as part of its money laundering investigation into the alleged Rs 34,615-crore DHFL bank fraud.
The action followed a search conducted by the agency on August 19 under the Prevention of Money Laundering Act, 2002.
The ED said the amount, equivalent to about $5.41 million, represents alleged proceeds of crime connected with the case.
The investigation stems from a Central Bureau of Investigation case filed after Union Bank of India complained on behalf of a consortium of 17 lenders.
In a post on its official X account on Friday, ED informed that the consortium had sanctioned credit facilities worth Rs 42,871.42 crore to Dewan Housing Finance Corporation Ltd (DHFL).
The agency alleges that loan funds were subsequently siphoned off and misappropriated through falsification of the company's books, causing losses of about Rs 34,615 crore to the lenders.
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UK Property Transaction Under ED Lens
The latest action focuses partly on Hurtmore House, a property in the United Kingdom held in the name of Vanita Wadhawan, wife of former DHFL promoter Kapil Wadhawan.
The ED said its investigation found that a purported loan agreement was entered into between Al Jalore Trading FZE and Vanita Wadhawan. The UK property was subsequently mortgaged under the arrangement.
According to the agency, the transaction created an encumbrance over the foreign asset to address a liability in India linked to the DHFL loan fraud.
The property was later sold in 2026. The ED said the sale proceeds were transferred to the Indian bank account of Al Jalore Trading FZE rather than to the registered owner.
The agency has alleged that the structure was used to facilitate the movement and utilisation of suspected proceeds of crime through a foreign asset and entities.
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Documents Seized, Investigation Continues
During the search, ED officials examined the Al Jalore Trading FZE account and froze the Rs 51.75 crore balance under Section 17(1A) of the PMLA.
Investigators also seized or impounded documents and records relating to the transactions and assets under scrutiny.
The agency said its investigation remains ongoing.
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