On January 27, promoter and former CMD of Dewan Housing Finance Corporation (DHFL), Kapil Wadhawan, was arrested by ED in connection with money laundering case of underworld gangster Muhammed Iqbal Memon aliasIqbal Mirchi, reports Times of India. Kapil who was produced before the special court and remanded to two days of ED custody is alleged to siphon off Rs 2,186 crore from DFHL into five shell companies that acquired Mirchi’s properties. ED stated that in 2010-11 DHFL had granted Rs 1,500 crore in loans to the five dummy companies - Faith Realtors, Marvel Township, Able Realty, Poseidon Realty and Randon Realtors for the sole purpose of siphoning off public money. In meantime, the court granted bail to Kapil’s brother Dheeraj Wadhawanalias Baba Dewan in the case.