The Enforcement Directorate (ED) has identified more properties and assets owned by the promoters of Housing Development and Infrastructure Limited (HDIL), which it plans to attach as part of its probe in the Punjab and Maharashtra Co-operative Bank scam. HDIL and its promoters -- Rakesh Wadhawan and Sarang Wadhawan -- are at the centre of the PMC fraud case. According to ED officials, they have identified three hotels in Delhi and 1,770-acre land in Sindhudurg district of Maharashtra -- all owned by Wadhawans. The agency will soon seek their attachment from the PMLA (Prevention of Money Laundering Act) office.
The ED on Tuesday stated it had seized movable and immovable assets worth Rs 3,830 crore owned by HDIL, its directors/promoters, PMC Bank officials and other related entities in the PMC Bank fraud case. Apart from three hotels and the Sindhudurg plot, the agency has already identified/seized their luxury cars, yacht and aircraft, jewellery, bank fixed deposits and land plots in Mumbai, Hyderabad and Noida.
The ED had initiated an investigation under the PMLA against HDIL, its promoters and PMC officials - Joy Thomas and Waryam Singh - after the Economic Offences Wings (EoW) of Mumbai Police registered an FIR against them. The FIR alleged that Rakesh and Sarang and their group companies, in conspiracy with PMC Bank officials, fraudulently availed loans and cheated bank of around Rs 4,355 crore.
The agency had carried out searches at 10 premises of Wadhawans and seized several incriminating documents, property papers and movable assets. A scrutiny of these documents revealed several instances of siphoning off funds. For example, HDIL diverted a loan worth Rs 98 crore from PMC Bank to M Estate Developers, a proprietorship concern of Rakesh Wadhawan's close business associate.