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PMC Bank case: ED traces 2,100 acres of land worth Rs 3,500 crore owned by Wadhawans

PMC Bank case: ED officials are examining documents to see if these lands were purchased on individual name of Wadhawans or in the name of HDIL.

twitter-logo BusinessToday.In   New Delhi     Last Updated: October 12, 2019  | 12:28 IST
PMC Bank case: ED traces 2,100 acres of land worth Rs 3,500 crore owned by Wadhawans
PMC Bank crisis

The Enforcement Directorate (ED) on Friday traced 2,100 acres of land estimated to be around Rs 3,500 crore, controlled by HDIL and its promoter Rakesh Wadhawan and son Sarang. These land parcels are located in seven different villages in Vasai-Palghar belt. These plots were reportedly bought by the Wadhawans for a township in Vasai-Palghar that never took off.

ED officials are examining documents to see if these lands were purchased on individual name of Wadhawans or in the name of HDIL. According to a report in The Economic Times, HDIL and its promoters had mortgaged around 600 acres of these lands to PMC Bank. Another 400 acres were mortgaged to other banks, mentioned the report. As per the daily, around Rs 800 crore worth of loans were taken against these land parcels from PMC and other banks. The remaining land parcels are free from loans.

The ED also earlier conducted searches at several properties of the Wadhawans and their family members. The agency officials have seized two private business jets, including a nine-seater Dassault Falcon 200 and a Bombardier Challenger 300. During raids at their house spread in two-and-half acre on Alibag's Awas beach, they recovered three SUVs -- Audi, Toyota Fortuner, Toyota Innova -- all-terrain bikes, a speedboat, and two golf carts. In total, the agency has so far seized 15 cars, including Rolls Royce, and Bentley.

Pictures of several Bollywood celebrities and politicians, who would have visited the family's holiday home and partied with Wadhawans, have also been found. The ED is probing if Wadhawans gifted properties to them.

The ED also traced their properties in Gulf countries and the United Kingdom. A yacht (worth over Rs 200 crore) anchored in the Maldives has also been traced. The ED will soon write to Maldivian authorities to bring it back.

Also read: PMC Bank Scam: Cash, private jets, Rolls Royce, Bentley recovered from Wadhawans, Waryam Singh

Also read: PMC Bank scam: Complaint filed to probe links between Wadhawans, shell firms named in Panama Papers

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