ED attaches three hotels worth Rs 100 crore in PMC Bank fraud
The ED had initiated a probe under prevention of money laundering act (PMLA) in the case in October last year against Housing Development Infrastructures Ltd (HDIL), its promoters Rakesh Kumar Wadhawan, Sarang Wadhawan, bank’s chairman Waryam Singh and then Managing Director Joy Thomas and others on the basis of a FIR by Economic Offences Wing of Mumbai Police.Updated: Sep 18, 2020, 21:01 IST
The Enforcement Directorate (ED) has attached three hotels in Delhi worth Rs 100 crore in connection with its money laundering probe in the Punjab and Maharashtra Cooperative (PMC) bank fraud, officials familiar with the development said.
The agency has so far attached unmortgaged properties worth around Rs 360 crore in the scam belonging to the promoters of HDIL - Rakesh and Sarang Wadhawan, officials said.
The PMC Bank scam, which came to light last year, is a unique case when it comes to money laundering investigations as the ED has for the first time not touched properties which are free of any encumbrance or are mortgaged with the bank. This was done in consultation with the Reserve Bank of India, which had taken control of PMC Bank in September last year over concerns expressed by thousands of depositors. ED had given a no-objection certificate (NOC) in November 2019 for the bank to recover the money from HDIL’s mortgaged properties, said an officer cited above.
Among the assets attached on Friday include - Hotel Conclave Boutique at A-20, Kailash Colony; Hotel Conclave Comfort at D-150, East of Kailash and Hotel Conclave Executive at C-22, Kalkaji, which are allegedly owned by Libra Realtors Pvt Ltd, M/s Deewan Realtors Pvt Ltd, Rakesh Kumar Wadhawan, Romy Mehra, and M/s Libra Hotels Pvt Ltd and its Directors; companies linked to HDIL, according to the second ED officer.
The second officer said that three hotels are now known as Fab Hotels.
The anti-money laundering probe agency also said in a statement on Friday that “investigation revealed that proceeds of crime totaling Rs 247 crore were obtained fraudulently by M/s Libra Realtors Pvt Ltd, M/s Deewan Realtors Pvt from PMC Bank in the guise of loans. These loans are part of the Rs 6117 crore owed by HDIL group of Companies to PMC Bank”.
The ED had initiated a probe under prevention of money laundering act (PMLA) in the case in October last year against Housing Development Infrastructures Ltd (HDIL), its promoters Rakesh Kumar Wadhawan, Sarang Wadhawan, bank’s chairman Waryam Singh and then Managing Director Joy Thomas and others on the basis of a FIR by Economic Offences Wing of Mumbai Police.
The ED has found that Wadhawans have laundered more than Rs 2500 crore out of a total around Rs 6600 crore that the company - HDIL - had taken from PMC Bank between 2007 and 2013.
Earlier, assets belonging to accused Rakesh Kumar Wadhawan and Wadhawan Family trust totalling to Rs 193 crore were also attached and jewellery worth 63 crore was seized.
Rakesh Kumar Wadhawan and his son Sarang Wadhawan were arrested by ED on October 17, 2019 and they are presently in judicial custody.