ED attaches properties worth Rs 72 crore of PMC Bank accused

According to media reports, the Maharashtra based man Pravin Raut had siphoned off Rs 95 crore in the form of loans and transferred Rs 1.6 crore of the funds to his wife Madhuri Raut, who subsequently transferred Rs 55 lakh to Varsha Raut's account in two tranches as an interest-free loan.

This amount was was further utilised for purchase of a flat in Dadar East, Mumbai, according to ED, reported media.

Varsha Sanjay Raut and Madhuri Pravin Raut are partners in Avani Constructions and " Varsha Raut has received Rs 12 lakh from this entity (as overdrawn capital converted to loan) on a contribution of mere Rs 5,625," the ED found in its probe..

This loan amount is still outstanding, said the report.

The ED has issued three summons to Varsha Raut and so far she has skipped all of them, said media report, adding that she is likely to join the ED probe on January 5.

Earlier, Sanjay Raut, who is a Rajya Sabha MP, had denied any wrongdoing by his wife and said they were in contact with the probe agency in connection with the case since last one and a half months.

The summons have triggered a political blame game, with the constituents of Maharashtra's Maha Vikas Aghadi (MVA) government accusing the Centre of using the federal probe agencies for harassing them.

The ED said it has provisionally attached the properties of Pravin Raut under Prevention of Money Laundering Act (PMLA).

"Probe revealed that Rs 95 crore has been siphoned off through HDIL by one of the accused Pravin Raut in active conspiracy and connivance with various persons.

"The source of the funds were illegal availed loans/advances by HDIL from PMC Bank. There was no document or agreement in support of these payments made to Pravin Raut," the ED alleged in a statement, reported media.

"As per the ledger of HDIL, the funds were given to Pravin Raut for acquiring land in Palghar area," it said, the report added.