New Delhi: Enforcement Directorate has seized, frozen and identified movable and immovable assets owned by Housing Development and Infrastructure Limited (HDIL), its Directors, Promoters, PMC Bank officials and other related entities in the PMC Bank fraud case.
The total value of assets identified till now is more than Rs 3830 crore and investigations are in progress to identify and locate more of such laundered assets. The seized assets includes 14 cars including Rolls Royce, Bentley and Range Rover and Audi, Jewellery worth Rs 66 crore, fixed deposits of Rs 10.98 crore, two aircraft and one 88 feet yacht and other immovable properties.
Economic Offences Wing of Mumbai Police had registered an FIR on September 9 against HDIL, its Directors, group companies and PMC Bank employees for offences under section 420, 467 and 471 read with section 120B of Indian Penal Code.
It was alleged that Rakesh Wadhawan and Sarang Wadhawan of HDIL and its group companies, in conspiracy with PMC Bank officials Joy Thomas, Waryam Singh and others had availed loans in fraudulent manner and cheated PMC bank. The total proceeds of crime involved in this case have been determined at around Rs 4,355 Crore.
The federal financial probe agency's move comes after the FIR by EOW wing of Mumbai police for the scheduled offence under the Prevention of Money Laundering Act (PMLA) and initiated investigation on October under PMLA against HDIL, its promoters and PMC bank officials.
During the course of investigations, searches were carried out in 10 premises wherein several incriminating documents, property documents and movable properties have been found.
"Scrutiny of the incriminating documents has revealed instances of siphoning of the funds and their misuse. For example, an amount of Rs 98 crore of loan from PMC Bank was diverted to M Estate Developers, a proprietorship concern of close business associate of Rakesh Kumar Wadhawan", the probe agency said.
The total value of movable and immovable assets seized, frozen and identified by ED being the proceeds of crime in this case is more than Rs 3830 crore which does not include value of 80 unencumbered properties around Mumbai, the probing agency said. Valuation of some of these assets is still in progress. Further investigations are in progress to identify and locate the balance proceeds of crime, it added.(UNI)