PMC Bank Fraud | ED
ED attaches three hotels worth Rs 100 crore in PMC Bank money laundering case
New Delhi/IBNS: The Enforcement Directorate (ED) has attached three hotels in Delhi valued at Rs 100 crore in connection with its investigation in a money laundering case linked to Punjab Maharashtra Cooperative (PMC) bank fraud, officials said, according to a media report.
So far the central agency has attached unmortgaged properties approximately worth Rs 360 crore belonging to the promoters of HDIL—Rakesh and Sarang Wadhawan—both among the key accused in the multi-crore bank fraud case.
According to a Hindustan Times report, the properties attached on Friday include Hotel Conclave Boutique at A-20, Kailash Colony; Hotel Conclave Comfort at D-150, East of Kailash and Hotel Conclave Executive at C-22, Kalkaji, which are allegedly owned by Libra Realtors Pvt Ltd, M/s Deewan Realtors Pvt Ltd, Rakesh Kumar Wadhawan, Romy Mehra, and M/s Libra Hotels Pvt Ltd and its Directors; companies linked to HDIL.
The three hotels attached are known as FAB Hotels, the report said.
This is for the first time that the ED is taking possession of only those properties which are not mortgaged with a bank, said the HT report.
The step was taken after consultation with the Reserve Bank of India, which took the controls of the bank in September 21 last year after concerns raised by thousands of depositors. This was when the role of HDIL (Rakesh Wadhawan and his son Sarang) was learned by the money laundering investigating agency.
The ED in a statement on Friday said that “investigation revealed that proceeds of crime totaling Rs 247 crore were obtained fraudulently by M/s Libra Realtors Pvt Ltd, M/s Deewan Realtors Pvt from PMC Bank in the guise of loans. These loans are part of the Rs 6117 crore owed by HDIL group of Companies to PMC Bank”, reported HT.
The ED started an investigation October last under prevention of money laundering act (PMLA) against Housing Development Infrastructures Ltd (HDIL), its promoters Rakesh Kumar Wadhawan, Sarang Wadhawan, bank’s chairman Waryam Singh and then Managing Director Joy Thomas among others after a case was filed by Economic Offences Wing of the Mumbai Police.
In the course of its probe, the ED found that Wadhwans had laundered over Rs 2500 crore of the Rs 6600 crore they had taken through their company HDIL from PMC Bank during the period between 2007 and 2013.
Earlier, assets totalling to Rs 193 crore belonging to Rakesh Kumar Wadhawan and Wadhawan Family trust were also attached and jewellery worth 63 crore was seized.
On October 17, 2019, ED arrested Rakesh Kumar Wadhawan and his son Sarang Wadhawan and they are presently in judicial custody.
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