20:14 IST
DHFL scam: ED begins probe in money laundering of UPPCL provident fund
The Enforcement Directorate( ED) has actually supposedly started examination in alleged money laundering of Uttar Pradesh Power Corporation Limited (UPPCL) workers’ provident fund parked with Dewan Housing Finance Limited (DHFL). The overall worth of the corpus parked with the scam-hit real estate financing company was Rs 4,122 crore.
In its probe, the ED will look into the possibility that the money was washed and the channels used to funnel it, Business Standard stated in a report. The agency has registered a money laundering case in New Delhi, the everyday even more stated.
READ: NCLT confesses RBI petition for DHFL insolvency
case The Economic Offences Wing (EOW) of Uttar Pradesh Police is currently examining alleged criminal conspiracy in the case and unauthorised financial investment of PF corpus DHFL. The ED recently checked out Lucknow earlier this week and talked to EOW authorities checking out the EPF scam case, the report said. The ED officials were notified about the case and the progress in EOW’s probe so far, Business Standard estimated EOW director basic Rajendra Pal Singh as stating.
Reports suggest that Rs 4,122 crore was parked with DHFL in between March 2017 and December 2018. The funds were presumably bought connivance with officials handling the 2 UPPCL PF trusts by means of 28 brokerages or fake companies. Funds were likewise parked in LIC Housing Finance and PNB Housing Finance, taking the overall investment to Rs 6,600 crore.
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Currently, Rs 2,267 crore is still pending with DHFL. Bombay High Court had actually barred the business from making fresh payments on account of a different cash washing probe by the ED. The UP federal government has actually purchased a CBI probe in the matter, however the agency is yet to start investigation in the case.
Earlier this month, DHFL ended up being the very first monetary company to deal with the personal bankruptcy court under the new bankruptcy guidelines. On November 15, the business affairs ministry had informed these rules to handle resolution of financers apart from banks.
The Enforcement Directorate( ED) has actually apparently started investigation in supposed money laundering of Uttar Pradesh Power Corporation Limited (UPPCL) staff members’ provident fund parked with Dewan Housing Finance Limited (DHFL). In its probe, the ED will look into the possibility that the cash was washed and the channels used to funnel it, Business Standard said in a report. The ED recently visited Lucknow earlier this week and talked to EOW officials looking into the EPF rip-off case, the report stated. Bombay High Court had actually barred the company from making fresh repayments on account of a different money laundering probe by the ED.
