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PMC Bank case: ED searches continue

A view of the villa at Alibaug in Maharashtra, where the enforcement directorate conducted searches in connection with the PMC Bank case on Monday.

A view of the villa at Alibaug in Maharashtra, where the enforcement directorate conducted searches in connection with the PMC Bank case on Monday.   | Photo Credit: Enforcement Directorate

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Searches are underway on the premises linked to some associates of Wadhawans, the owners of Housing Development and Infrastructure Limited

The Enforcement Directorate has conducted searches at two more places in connection with the Punjab & Maharashtra Cooperative (PMC) Bank fraud case.

Searches are underway on the premises linked to some associates of Wadhawans, the owners of Housing Development and Infrastructure Limited (HDIL).

The agency has also located a 22-room house at Alibaug in Maharashtra, which it plans to attach under the Prevention of Money Laundering Act on confirmation that it is part of the "proceeds of crime".

PMC Bank case: ED searches continue
 

The ED had earlier attached a private jet and jewellery worth ₹60 crore of the Wadhawans. It also located a yacht to Maldives.

Accounts of Waryam Singh, former Chairman of the PMC Bank, with a balance of about ₹10 crore have also been frozen.

The ED is probing the financial transactions of HDIL and 18 other entities linked to it. The agency suspects that those involved had also gifted immovable properties to politicians.

HDIL chief Rakesh Wadhawan and his son Sarang Wadhawan were arrested by the Mumbai Police last week. Mr. Singh and former Managing Director of the bank, Joy Thomas, have also been arrested.

It is alleged that HDIL and its group entities had taken huge loans from the PMC Bank, amount to over 70% of the total credit facilities extended by the bank.

Over 21,000 bank accounts were opened in fictitious names to conceal 44 loan accounts. The bank's software was also tampered with, alleged.

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Printable version | Dec 7, 2019 9:58:56 PM | https://www.thehindu.com/news/national/pmc-bank-case-ed-searches-continue/article29615177.ece

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