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Saturday, June 6, 2020

PMC Bank scam: ED traces Wadhawans’ 2,100 acres of land worth Rs 3,500 crore

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MUMBAI: The Enforcement Directorate (ED) has traced around 2,100 acres of land managed by HDIL and its promoter Rakesh Wadhawan and his son Sarang aka Sunny. These land parcels are positioned in seven reasonably a good deal of villages within the Vasai-Palghar belt.

The land, believed to be price an estimated Rs 3,500 crore, will doubtless be connected by the ED. The Wadhawans, it’s miles learnt, purchased these land parcels a long time ago to blueprint a township within the Vasai-Palghar belt, but work used to be by no diagram began. The vacant plots are free of encroachments.

ED officials are analyzing the documents to verify if these lands had been purchased on particular person title of Wadhawans or within the title of HDIL. The Wadhawans alongside with their firm got loans from the Punjab and Maharashtra Cooperative (PMC) Bank fraudulently.

HDIL is facing economic ruin complaints. Its community companies took Rs 1,306 crore in loans from PMC Bank in violation of RBI norms. As of March 31, the outstanding loan quantity against Rakesh Wadhwan used to be Rs 1,903 crore and Sunny Rs 129 crore.

Sources acknowledged that of the 2,100-acre land sprawl identified by the ED legitimate on Friday, the HDIL and its promoters had mortgage around 600 acres to PMC. They’ve also mortgaged every other 400 acres with other banks. It’s a long way realized that around Rs 800 crore loan taken against these 1,000 land parcels from PMC and other banks. There used to be no any affirmation on the loan quantity and ED legitimate refused to touch upon it.

The remainder 1,100 acres land parcels are free from any loan, stated sources. The ED is amassing documents connected to those land parcels.

Sources acknowledged that these properties are separate than these earlier connected by the Economic Offences Cruise (EOW) of the Mumbai police.

They stated that after the ED registered a money laundering case against HDIL and its promoters, they got several inputs about Wadhawans’ properties in metropolis and pretty a good deal of alternative areas. The ED officials are amassing limited print of these properties for the attachment.

Lately, the EOW had arrested Rakesh Wadhawan and Sunny within the PMC Bank fraud case. After their arrest, the ED has registered a money laundering case against HDIL, Wadhawans, PMC Bank officials and others. The agency is specializing in tracing the money trial and attaching/seizing the real estate properties of the accused persons.

On Thursday, the ED connected Wadhwan’s bungalow in Vasai unfold over 5 acres price extra than Rs 70 crore. To boot they traced their lavish, 2.5-acre bungalow in Alibaug and are within the blueprint of attaching it. They’ve already seized ornaments price Rs 60 crore belonging to the Wadhawans, alongside with their 13 luxuries vehicles. The ED will doubtless be inquiring about the properties that HDIL and its promoters had gifted to reasonably a good deal of folks, including politicians, in uncover to connect them within the case.

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