The Enforcement Directorate (ED) is conducting search operation on Dewan Housing Finance ( DHFL) premises in connection with its exposure to real estate firm Sunblink Developers, which is under the probe agency's lens for its property dealing with late gangster Iqbal Memon.
Confirming the development, an ED official said that searches have been carried out since morning at seven to eight locations in Mumbai covering offices and residences of some of the directors of the company. The searches will continue for two more days, he added.
A text message to DHFL regarding searches remained unanswered.
During the probe, ED has found that Sunblink had received a loan of Rs 22 crore from the DHFL in the year 2010. In nine years the total dues went up to Rs 2,186 crore.
Sources say that ED is examining the financial ties between the non-banking finance company and the Sunblink developers, which had played a key role in diverting money for Memon.
On the exposure to Sunblink Developers, DHFL on Friday made a clarification to the stock exchanges. It said that DHFL in the normal course of business funded certain project of various companies which were executed in and around Mumbai. “Due to market conditions, the borrowers had streamlined their internal operations whereby they have, by certain corporate actions undertaken recently, merged certain of their companies into Sunblink. As a result, as on date, Sunblink is mentioned as a borrower,” it said.
The exposure of the NBFC came to light when the enforcement agency had arrested Iqbal Memon alias Iqbal Mirchi’s close aides — former chairman of Sir Mohamed Yusuf Trust, Haroun Yusuf, and real estate broker Bindra last week.
ED is probing several property deals involving Iqbal Mirchi, Sir Mohamed Yusuf Trust and Millennium Developers, controlled by Nationalist Congress Party member and former Civil Aviation Minister, Praful Patel. Patel was questioned by ED on Friday for these property dealings.
Confirming the development, an ED official said that searches have been carried out since morning at seven to eight locations in Mumbai covering offices and residences of some of the directors of the company. The searches will continue for two more days, he added.
A text message to DHFL regarding searches remained unanswered.
During the probe, ED has found that Sunblink had received a loan of Rs 22 crore from the DHFL in the year 2010. In nine years the total dues went up to Rs 2,186 crore.
Sources say that ED is examining the financial ties between the non-banking finance company and the Sunblink developers, which had played a key role in diverting money for Memon.
On the exposure to Sunblink Developers, DHFL on Friday made a clarification to the stock exchanges. It said that DHFL in the normal course of business funded certain project of various companies which were executed in and around Mumbai. “Due to market conditions, the borrowers had streamlined their internal operations whereby they have, by certain corporate actions undertaken recently, merged certain of their companies into Sunblink. As a result, as on date, Sunblink is mentioned as a borrower,” it said.
The exposure of the NBFC came to light when the enforcement agency had arrested Iqbal Memon alias Iqbal Mirchi’s close aides — former chairman of Sir Mohamed Yusuf Trust, Haroun Yusuf, and real estate broker Bindra last week.
ED is probing several property deals involving Iqbal Mirchi, Sir Mohamed Yusuf Trust and Millennium Developers, controlled by Nationalist Congress Party member and former Civil Aviation Minister, Praful Patel. Patel was questioned by ED on Friday for these property dealings.
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