ED attaches Rs35.48-cr immovable assets of Sushil Kumar Shinde’s daughter, son-in-law

ED officials from Mumbai office confirmed the attached assets are two commercial properties admeasuring approx. 10550 sqft each in Kaledonia building, Andheri (East), Mumbai.

The Enforcement Directorate (ED) officials have provisionally attached immovable assets worth ₹35.48 crore belonging to Raj Shroff and his wife Priti, who are owners of Jindal Combines Pvt. Ltd and Orlando Trading Pvt. Ltd, under Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case linked to Rakesh Wadhawan and Sarang Wadhawan, promoters of Housing Development Infrastructure Limited (HDIL) and others. Priti is the daughter of former Maharashtra chief minister Sushil Kumar Shinde.

ED attaches Rs35.48-cr immovable assets of Sushil Kumar Shinde’s daughter, son-in-law

ED officials from Mumbai office confirmed the attached assets are two commercial properties admeasuring approx. 10550 sqft each in Kaledonia building, Andheri (East), Mumbai. The details of the properties surfaced during the ED’s investigation into the case registered against Wadhawans on the basis of an FIR registered by the anti-corruption bureau for siphoning off loan money to tune of ₹200 crore sanctioned by Yes Bank to Mack Star Marketing Pvt. Ltd.

Wadhawans fraudulently transferred one commercial property of Mack Star located in Kaledonia building, Andheri East, to Jindal Combines Pvt. Ltd at a price of ₹9.39 crore (ready reckoner value ₹15.64 crore at the time) in 2014 and another commercial property to Orlando Trading Pvt. Ltd at an agreement value of ₹18 crore (ready reckoner value ₹19.84 crore) in 2016, ED sources said.

However, they paid only ₹10 crore for the second property till date. The firms are receiving rent of ₹1.76 crore and ₹1.39 crore per annum for these two properties, respectively.

Rakesh and Sarang Wadhawan cheated Mack Star Marketing Pvt. Ltd by illegally selling above said properties without consent of the majority shareholder (DE Shaw Group, which holds 83.36% shares) of Mack Star Marketing Pvt. Ltd. at very low price causing loss to Mack Star, ED sources added.

The total value of the attachment in this case is now ₹69.84 crore.