Yes, according to a report published today by the Times of India, the Enforcement Directorate (ED) has revealed in its chargesheet that the Wadhawan family spent ₹175.3 crore on luxury items such as jewellery and watches between 2019 and 2020. This lavish expenditure is part of a broader investigation into a ₹34,000-crore money laundering case involving Dewan Housing Finance Corporation Limited (DHFL) and its former promoters, Kapil and Dheeraj Wadhawan.

The ED’s findings indicate that these luxury purchases were made using funds allegedly diverted from DHFL. In addition to the extravagant spending on jewellery and watches, the agency has also provisionally attached assets worth over ₹70 crore belonging to the Wadhawans. These assets include paintings and sculptures valued at ₹28.58 crore, watches worth ₹5 crore, diamond jewellery worth ₹10.71 crore, a 20% stake in a helicopter valued at ₹9 crore, and two flats in Mumbai’s Bandra area worth ₹17.10 crore .

Furthermore, the Central Bureau of Investigation (CBI) has seized 25 luxury watches worth over ₹1 crore and 56 paintings valued at ₹38 crore from properties linked to the Wadhawans . These seizures are part of the ongoing probe into the alleged diversion of funds and fraudulent activities associated with DHFL.

The Wadhawan brothers are currently in judicial custody as investigations continue into the extensive financial irregularities and alleged misappropriation of funds.

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