63 moons technologies have said the Wadhawans are restrained from selling or alienating or encumbering even an inch of their assets as per the directions of the Madras High Court.
The company has urged the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO) to arrest Kapil Wadhawan, the jailed promoter of crisis-hit mortgage lender DHFL, for offering his personal and family properties worth over Rs 43,000 crore as repayment of outstanding to the Reserve Bank of India.
“Since DHFL promoters’ assets are already attached by investigative agencies and there is an injunction regarding the same by the Madras High Court, this offer is shocking to say the least,” 63 moons stated.
Notably, DHFL promoter Kapil Wadhwan, accused of siphoning off thousands of crores of public money for personal gains, has made a surreptitious settlement offer to the RBI administrator, to settle the claims by transferring his rights, title and interest in at least ten projects that he claims are valued at Rs 43,879 crore.
A report of Grant Thornton, commissioned by the Resolution Professional of DHFL, contains findings of siphoning of Rs 20,000 crore of lenders’ money to the promoters of DHFL and to entities owned or controlled by them.
In view of these serious issues, 63 moons said, the immediate arrest and custodial interrogation of Kapil Wadhwan under the Prevention of Money Laundering Act by the ED and SFIO will help verify these facts as also to unravel the source and colour of the huge funds and assets he claims to possess and has offered towards the so-called settlement of corporate liability.
The very fact that Kapil Wadhwan has now declared such huge assets when, in fact, he has never disclosed previously any of this personal wealth, points to the fact that he has, in all probability, siphoned off this huge amount from DHFL and laundered it by projecting it as his or his family’s property.
While he is enlarged on bail in the Economic Offences Wing (EOW) investigation, 63 moons said, all agencies, including the EOW, the ED and the SFIO need to get to the bottom of his financial dealings and reveal from where he has mopped up such a huge amount and assets! This cannot happen unless he is arrested and interrogated in custody.
With Kapil Wadhwan making the settlement offer publicly, 63 moons asked him to explain the source of funds to the EOW, the ED and the SFIO. Describing it as a matter of huge concern for those who have lost their monies, it noted that out of the reported claims of Rs 94,900 crore, lenders may face a haircut of Rs 65,000 crore since no bidder has offered more than Rs 20,000 crore to acquire the crisis-hit DHFL under the IBC.
Every investor, creditor and lender of DHFL therefore has right to know, if the Wadhawans have moved attached DHFL properties into their personal names or if they have earlier refrained from disclosing certain high value assets to the law enforcement agencies and the judiciary for which custodial interrogation by the ED and the SFIO is a must, according to 63 moons.