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InformativeEnforcement Directorate (ED)

ED Attaches ₹40.40 Crore Assets in DHFL Bank Fraud Investigation

Court / Authority

Enforcement Directorate (ED)

Update / Judgement Date

02 Nov 2026

Source

WCP News Bulletin

Author

Dipanshi Bansal — WCP Legal Desk

Reading Time

4 min read

View Count

2

BankingMoney Laundering (PMLA)
ED Attaches ₹40.40 Crore Assets in DHFL Bank Fraud Investigation
Enforcement Directorate (ED) · WCP News Bulletin

The Enforcement Directorate has provisionally attached immovable properties valued at ₹40.40 crore in its money-laundering investigation arising from the DHFL bank-loan fraud. ED states that the properties are linked to funds allegedly diverted through two proprietorship concerns in the 2018–19 financial year.


Key Highlights :


  • The attached assets comprise land parcels at Karjat, Raigad district, Maharashtra, and a residential plot at Shanti Niketan, New Delhi.
  • According to the CBI FIR described by ED, a consortium of 17 banks had sanctioned credit facilities aggregating ₹42,871 crore to DHFL; the alleged wrongful loss was approximately ₹34,615 crore.
  • ED stated that forensic audits identified 66 promoter-connected entities that received loans and advances exceeding ₹29,100 crore.
  • ED's investigation alleges that approximately ₹11,549 crore was diverted to 87 promoter-controlled entities through a fictitious 'Bandra Branch' and disguised as home loans in the names of about 2.60 lakh fictitious borrowers.
  • ED stated that ₹40.40 crore was diverted during FY 2018–19 to Reliable Services and Millennium Services against services allegedly never rendered.
  • ED had earlier frozen approximately US$5.41 million (about ₹51.75 crore) in August 2026 and filed prosecution complaints against 22 accused in total, as described in the release.


Background :


  • The investigation originated from a CBI FIR registered after a complaint by Union Bank of India on behalf of a consortium of 17 banks.
  • ED's press release describes alleged loan diversion, falsification of DHFL's books and use of promoter-connected entities.
  • ED had previously filed a prosecution complaint before the Special Court (PMLA), Mumbai, against 17 accused and a supplementary complaint against five more accused.


What Has Changed :


  • Issue: Provisional attachment. Finding: The press release refers to earlier prosecution complaints and a freeze of foreign-asset-related funds in August 2026. Outcome: ED has provisionally attached immovable properties valued at ₹40.40 crore in the present action. Effective / relevant date: 02 November 2026.
  • Issue: Alleged diversion. Finding: ED describes earlier alleged diversion through promoter-controlled entities and the fictitious Bandra Branch. Outcome: The present attachment is linked to an alleged diversion of ₹40.40 crore in FY 2018–19 to Reliable Services and Millennium Services for services ED says were not provided. Effective / relevant date: 02 November 2026.


Who Is Affected :


  • Persons holding interests in the attached land parcels at Karjat and the residential plot at Shanti Niketan.
  • DHFL and entities/persons connected with the alleged loan diversion, subject to the ongoing proceedings.
  • Reliable Services and Millennium Services, identified in the release as proprietorship concerns belonging to Harish Dedhiya and Dhara Dedhiya.


Compliance Action Points :


No direct compliance action is specified in the press release. The attachment is provisional; the source states that investigation is continuing.


Analysis & Impact :


  • For Legal and Compliance Professionals: The attachment is provisional and is based on ED's investigation under the PMLA. The source does not establish final adjudication, confiscation or conviction; the underlying attachment order and court filings should be reviewed.
  • For Banks and Businesses: The release describes alleged use of fictitious retail borrowers, related entities and false service transactions to divert loan funds. These allegations make transaction tracing, beneficial ownership and audit trails relevant issues.
  • Points to Watch: ED states that investigation is continuing. The press release does not provide the provisional attachment order number or the procedural status of adjudication.


References :


  • Prevention of Money Laundering Act, 2002 – statutory basis cited for provisional attachment.
  • Indian Penal Code, 1860 and Prevention of Corruption Act, 1988 – enactments under which the underlying CBI FIR was registered, as stated by ED.
  • Prosecution complaints before the Special Court (PMLA), Mumbai – proceedings against accused persons described in the press release.


Source & Attribution :


Directorate of Enforcement, Headquarters Investigation Unit, press release dated 02 November 2026. The uploaded press release is the source; no separate attachment order or link was included.


Disclaimer: This summary is an editorial aid prepared from the uploaded source document. It is not legal, tax or investment advice. Refer to the original order, judgment or press release before acting.

Full Judgement / Attachment

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Frequently asked questions about Enforcement Directorate (ED)

What does the Enforcement Directorate do?
The Directorate of Enforcement is a law enforcement agency in the Department of Revenue, Ministry of Finance. It enforces the Prevention of Money Laundering Act, 2002 (PMLA), the Foreign Exchange Management Act, 1999 (FEMA) and the Fugitive Economic Offenders Act, 2018.
What is an ECIR?
An Enforcement Case Information Report (ECIR) is the ED's internal record of a PMLA case. The Supreme Court has held that it is not equivalent to an FIR and need not be supplied to the accused, although the grounds of arrest must be communicated in writing.
What happens when the ED attaches property under PMLA?
A provisional attachment order under Section 5 of PMLA is valid for 180 days. Within that period it must be confirmed by the Adjudicating Authority. A confirmed attachment can be appealed to the Appellate Tribunal and then to the High Court.
Why is bail difficult in PMLA cases?
Section 45 of PMLA imposes 'twin conditions': the court must be satisfied that there are reasonable grounds to believe the accused is not guilty and is not likely to commit an offence while on bail. Courts have, however, granted bail where trials are prolonged.
How can White Collar Professional help with a ED or PMLA matter?
Post your requirement on White Collar Professional to receive proposals from verified Advocates and forensic Chartered Accountants, compare them, and pay securely through the platform. This page also tracks the latest ED or PMLA ED and PMLA updates as they are reported.