The Economic Offences Wing (EOW) will file an application in court seeking permission to release the Wadhawans’ assets, which were attached as part of the agency’s action in the Punjab and Maharashtra Cooperative (PMC) Bank case.
The move comes after the Reserve Bank of India-appointed administrator wrote to the EOW, asking them to release the assets so that they can be auctioned and the bank’s depositors reimbursed. EOW officials said the letter was received earlier this week, and that the agency does not have any issues in doing so.
“The RBI-appointed administrator’s letter specifically mentions assets mortgaged by the Wadhawans as security against loans they availed of,” said an EOW officer.
The EOW had attached these assets, which include two private jets, a speedboat and several cars, when the FIR was registered. “As releasing them will provide relief to the investors, we will be filing an application seeking the court’s permission on Friday or latest by Monday,” the officer said.
With the Wadhawans submitting a letter granting permission to auction their assets last month, the process will be smoother, the officer said. “The assets are being evaluated by an independent valuer. After the evaluation is complete and the assets are released back to the bank, it will place advertisements inviting bids for them. The bidders will have 14 days to bid.”
Meanwhile, the EOW has submitted a separate application in court, seeking permission to auction the Wadhawans’ movable assets, which were not mortgaged by them under provisions of Section 102 of the CrPC, and it is awaiting the court’s decision. Once these assets are auctioned, the money will be released to the bank so that it can be dispersed among the depositors.
Officers said the total value of the assets attached by the EOW so far comes to ₹3,500 crore, while the value of assets attached collectively by the EOW and the Enforcement Directorate comes to ₹3,800 crore.
