New Delhi, Oct 26 (IANS): The Enforcement Directorate (ED) has attached assets worth Rs 70.39 crore belonging to Kapil Wadhawan and Dheeraj Wadhawan in connection with the DHFL fraud case.

The ED said in a statement that it has attached the properties of Kapil and Dheeraj Wadhawan under the provisions of Prevention of Money Laundering Act (PMLA) in the DHFL fraud case, including paintings and sculptures worth Rs 28.58 crore, watches worth Rs 5 crore, diamond jewelleries worth Rs 10.71 crore, 20 per cent stake in a helicopter to the tune of Rs 9 crore and two flats in Bandra worth Rs 17.10 crore.

The ED case is based on an FIR registered by the CBI against Kapil and Dheeraj Wadhawan, promoters of DHFL, and others for cheating a consortium of 17 banks to the tune of Rs 34,615 crore.

The central agency said that its probe revealed that Kapil and Dheeraj Wadhawan, both directors of DHFL, and other accused persons entered into a criminal conspiracy to cheat the consortium of 17 banks led by the Union Bank of India (UBI). In pursuance of the said conspiracy, the accused induced the consortium of banks to sanction loans aggregating to Rs 42,871.42 crore.

"It was revealed that the accused persons siphoned off and misappropriated a significant portion of funds by falsifying the books of DHFL and dishonestly defaulted on repayment of the legitimate dues of the banks, thereby causing a wrongful loss of Rs 34,615 crore to the lenders," it said.

Both Kapil and Dheeraj Wadhawan are presently in judicial custody.