DHFL loan fraud: ED freezes 51.75 crore rupees in assets

The Enforcement Directorate (ED) has frozen approximately 51.75 crore rupees in assets linked to the Dewan Housing Finance Corporation Limited (DHFL) loan fraud and money laundering case. The action follows searches conducted under the Prevention of Money Laundering Act (PMLA) in connection with an FIR filed by the Central Bureau of Investigation (CBI) on behalf of a consortium of 17 banks, including Union Bank of India. The investigation alleges that DHFL promoters Kapil Wadhwa and Dheeraj Wadhwa conspired to defraud banks of credit facilities totaling 42,871.42 crore rupees, resulting in losses of roughly 34,615 crore rupees.

In a separate legal development in Maharashtra, the CBI arrested two GST officials and an associate for allegedly accepting a 40 lakh rupee bribe to settle matters related to a stone mining company. The arrests included an IRS officer serving as an additional commissioner and a GST superintendent. During searches, authorities recovered 43 lakh rupees in cash and 90 lakh rupees in jewelry.

In the aviation sector, Hindustan Aeronautics Limited (HAL) and France’s Safran Helicopter Engines have entered a 50:50 joint venture to co-develop the ‘Aravali’ high-power helicopter engine. This project aims to provide propulsion for India’s upcoming 13-ton Indian Multi-Role Helicopter (IMRH) and is expected to be completed by 2032-33.

In technology news, Apple is expected to host its annual event on September 9, potentially launching the iPhone 18 Pro and its first foldable iPhone, rumored to be named ‘iPhone Ultra’. Meanwhile, Skyways Air Services is preparing for a 582.8 crore rupee IPO, though its prospectus notes ongoing investigations by the Economic Offences Wing regarding alleged fraudulent billing and conspiracy.