EOW registers fresh FIR against HDIL promoter Sarang Wadhawan

According to police, Wadhawan’s firm, Excel Arcade Private Limited - an HDIL group company, had availed a loan of ₹66.41 crore from Yes Bank, but failed to repay the amount

Mumbai: The Economic Offences Wing (EOW) of the Mumbai police has registered a First Information Report (FIR) against Housing Development Infrastructure Limited (HDIL) promoter Sarang Wadhawan for allegedly defrauding Yes Bank to the tune of ₹8.60 crore.

Police sources said that the FIR was recently filed at the Dadar police station and was transferred to the EOW for investigation. (Stock Pic)

According to police, Wadhawan’s firm, Excel Arcade Private Limited - an HDIL group company, had availed a loan of ₹66.41 crore from Yes Bank, but failed to repay the amount.

Police sources said that the FIR was recently filed at the Dadar police station and was transferred to the EOW for investigation. The EOW has accordingly registered a fresh FIR against Sarang Wadhawan on the complaint of Sandeep Mehra, chief vigilance officer of Yes Bank.

Mehra informed police that forensic auditing of the firm’s accounts revealed that from March 27, 2017 to March 31, 2019, it availed term loans of ₹66.41 crore for various construction projects in Vikhroli and Palghar and failed to repay the bank an amount of ₹8.60 crore.

“The accused firm did not use the entire loan money sanctioned to them for the purpose they were availed for. Instead, part of the money was diverted to pay salaries of HDIL employees and a part was diverted to another group entity, Sapphire Land Development Pvt. Ltd.,” stated the complainant in the FIR.

Wadhawan is already under arrest with his father in connection with the ₹6,670 crore fraud at the Punjab and Maharashtra Cooperative Bank. They were arrested in October 2019 along with other officials of PMC Bank.