Investigators suspect the loaned money was subsequently diverted to firms directly or indirectly controlled by the promoters of DHFL. The ED has alleged that about Rs 190 crore of the Rs 225 crore was paid to Mirchi through the hawala route. Poseidon Realty, Random Realty and Able Realty and have borrowed Rs 350.37 crore, Rs 316 crore and Rs 192.65 crore respectively as of March 2018. Poseidon, Random, and Able made losses of Rs 51.66 lakh, Rs 62.54 lakh, and Rs 20.10 lakh respectively in the same period. Dheeraj Wadhawan’s RKW Developers Pvt Ltd is a shareholder in Poseidon Realty, while Random Realty borrowed from RKW Developers.

Source: Indian Express October 20, 2019 23:26 UTC