The Enforcement Directorate has so far seized, frozen or identified assets worth ₹3,830 crore in connection with the PMC Bank fraud, said the agency on Monday. The proceeds of the crime involved are about ₹4,355 crore.
The properties are owned by the Housing Development and Infrastructure Limited (HDIL), its directors/promoters, bank officials and other related entities. The list does not include the value of 80 unencumbered properties located in and around Mumbai.
The ED probe is based on an FIR registered by the Economic Offences Wing of the Mumbai Police, against the HDIL, its directors, group companies and bank employees.
A scrutiny of the documents seized during the ED searches has revealed the instances of diversion of funds. “For example, ₹98 crore loan from the bank was diverted to M Estate Developers, a proprietorship concern of a close business associate of Rakesh Kumar Wadhawan [director of DHIL].
The agency has seized 10 cars, including a Rolls Royce, a Bentley and a Range Rover, from the residential premises of Mr. Wadhawan. Jewellery worth about ₹66 crore has also been seized from various premises, including the residence of Meena Rohra, a business associate of Mr. Wadhawan. Four vehicles and a speed boat found from an Alibaug farmhouse have been impounded.
Also, ₹1.5 crore in fixed deposits has been frozen. Two aircraft, Bombardier Challenger, owned by Privilege Airways Private Limited, have been identified. The Mumbai International Airport Limited chief has been told to keep them in custody. Mr. Wadhawan and his son, Sarang, are directors in Privilege Airways.
An 88-ft yacht registered under the Panama Flag and owned by Sapphire Land Development Private Limited, an HDIL group company, has been located in the Maldives and a request sent barring its alienation.
The fixed deposits and bank balances of ₹9.93 crore, held in the name of former bank chairman Waryam Singh and his family members, have also been frozen.
The ED is scrutinising papers related to the purchase of 2,112 acres with a current value likely to be over ₹3,000 crore, it said. Two overseas properties of the Wadhawans have also been located in the UAE and the U.K.
Published - October 15, 2019 12:44 am IST
