In its ongoing probe in the the Rs 4,355-crore fraud Punjab and Maharashtra Co-operative Bank fraud case, the Enforcement Directorate has found Rs 10 crore in fixed deposits and saving accounts of the bank's former chairman Waryam Singh, while the Mumbai police found shares worth Rs 100 crore in his Demat account. The agency also found over Rs 130 crore worth of FDs belonging to the HDIL promoters in the PMC Bank, while the bank account linked to them has just Rs 1.5 crore.
The ED has conducted searches at several properties of Rakesh Wadhawan and Sarang Wadhawan and their family members. They 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.
Their properties in Gulf countries and the United Kingdom are also being traced, and the ED has found a yacht (worth over Rs 200 crore), belonging to Wadhawans, anchored in the Maldives. The ED will soon write to Maldivian authorities to bring it back. So far, the Mumbai Police has seized properties worth around Rs 4,000 crore in the case, including Waryam Singh's Demat account shares and other seizures.
A Mumbai court on Wednesday extended the police custody of both Rakesh and Sarang till October 14. Former chairman of PMC Bank, Waryam Singh, who's also a suspect in the case, has been sent to the police custody till October 14. The Mumbai police had arrested Rakesh and Sarang on Thursday last week. Singh was arrested on Saturday last week. All three were sent to police custody till October 9 after arrest. Former PMC Bank managing director Joy Thomas is also under police custody till October 17.
The Economic Offences Wing (EOW) of the Mumbai Police is also planning to question auditors of Housing Development and Infrastructure Ltd (HDIL) in the PMC Bank case. Mumbai-based chartered accountant firm Rajeswari and Associates was the legal auditor of HDIL. The auditors allegedly did not classify loans to HDIL as non-performing assets (NPA) violating RBI guidelines.
Edited by Manoj Sharma
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today