The Enforcement Directorate (ED) has frozen approximately ₹51.75 crore in a bank account linked to Al Jalore Trading FZE as part of its money-laundering investigation into the alleged ₹34,615-crore DHFL bank fraud case. The action followed a search operation conducted on August 19 under the Prevention of Money Laundering Act (PMLA).
According to the ED, the frozen amount, equivalent to around $5.41 million, represents alleged proceeds of crime connected with transactions involving a property in the United Kingdom.
UK Property Transaction Under Scanner
The investigation has focused on Hurtmore House, a UK property held in the name of Vanita Wadhawan, wife of former DHFL promoter Kapil Wadhawan.
The ED alleges that a purported loan agreement was entered into between Al Jalore Trading FZE and Vanita Wadhawan, following which the property was mortgaged. According to the agency, the arrangement created an encumbrance over the foreign property in connection with a liability in India arising from the DHFL loan fraud.
The property was subsequently sold in 2026. The ED said the sale proceeds were transferred to the Indian bank account of Al Jalore Trading FZE instead of being received by the registered owner. Investigators have alleged that the transaction was structured to facilitate the movement and utilisation of suspected proceeds of crime.
₹51.75 Crore Bank Account Frozen
During the August 19 search, ED officials examined the bank account of Al Jalore Trading FZE and froze approximately ₹51.75 crore under Section 17(1A) of the PMLA. Investigators also seized documents and records relating to the transactions and assets under investigation.
The wider investigation originated from a CBI case following a complaint by Union Bank of India on behalf of a consortium of 17 lenders. The lenders had sanctioned credit facilities totalling ₹42,871.42 crore to DHFL. Investigators allege that loan funds were siphoned off and misappropriated through falsification of company books, resulting in an alleged loss of approximately ₹34,615 crore to the consortium.
The ED investigation remains ongoing, with officials examining additional transactions, assets and documents connected to the alleged money-laundering network.
