New Delhi, Feb 23 The Enforcement Directorate (ED) has provisionally attached immovable properties valued over Rs 13 crore in the form of shops in the SGS Mall at Pune (Maharashtra) under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in bank loan fraud of Rs 6117.93 crore.
According to an ED official, they had initiated an investigation on the basis of the FIR filed by Punjab & Maharashtra Co-operative Bank (PMC) against Joy Thomas, Waryam Singh (Directors of PMC Bank), Rakesh Kumar Wadhawan, Sarang Wadhawan and unknown other persons invoking various sections of IPC, 1860.
“ED investigation revealed that Housing Development & infrastructure Pvt Ltd (HDIL) and its group companies availed the OD/ Credit Facility from the PMC Bank. Despite repeated defaults in payments by HDIL and its group companies, the OD limits were enhanced from time to time to avoid them being classified as NPA,” said the official.
Further, ED investigation also revealed that Rakesh Wadhawan and his son, Sarang Wadhawan, were the main Directors/ Promoters and were authorised to operate all the bank accounts of HDIL and its group companies.
“All the key decisions of the companies were taken by them. They in connivance with other accomplices have layered the proceeds of crime in the bank accounts of HDIL and its group companies which were under their direct/ indirect control. They have also diverted the proceeds of crime into their personal bank accounts and the bank accounts of their close associates to acquire assets,” said the official.
During scrutiny of bank accounts of HDIL Group, investigation revealed that HDIL had siphoned off proceeds of crime while keeping PMC Bank in the dark and parked these funds with SGS group to project the same as untainted.
Earlier, on October 17, 2019, the main accused person, Rakesh Wadhawn and his son Sarang Wadhawan were arrested and both are currently under judicial custody.
“After instant attachment, ED has so far identified and attached proceeds of crime totaling to Rs 675.27 crore under provisions of PMLA, 2002. Also, prosecution complaints and two supplementary complaints have been filed against them and 36 other persons/ entities so far,” said the official.
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