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Saturday, Dec 14, 2019

ED seizes, identifies properties worth Rs 3,830 crore of HDIL in PMC Bank Scandal

ED recovered hundreds of documents during raids at the premises of Rakesh Kumar Wadhawan and his son Sarang in the past one week

india Updated: Oct 15, 2019 04:37 IST
HT Correspondent
HT Correspondent
Hindustan Times, Mumbai
Mumbai: Depositors of Punjab and Maharashtra Cooperative (PMC) bank display placards during a protest over the bank's crisis, outside the Reserve Bank of India building, in Mumbai.
Mumbai: Depositors of Punjab and Maharashtra Cooperative (PMC) bank display placards during a protest over the bank's crisis, outside the Reserve Bank of India building, in Mumbai. (PTI)
         

The enforcement directorate (ED) on Monday said it has seized and identified assets worth Rs3,830 crore belonging to promoters of HDIL (Housing Development and Infrastructure Ltd) in the Punjab and Maharashtra Cooperative (PMC) Bank scandal. Several assets, including 80 unencumbered properties in and around Mumbai, are being assessed, the agency said in a statement.

The ED recovered hundreds of documents during raids at the premises of Rakesh Kumar Wadhawan and his son Sarang in the past one week.

“Documents relating to purchase of 2,112 acre of land have been found. Value of land varies between Rs 1.5 crore to Rs5 crore per acre. Verification of land details is in progress. The present value of the said land is likely to be more than Rs300 crore,” the statement said. Subsequently, the documents reveal that Wadhawans acquired 160 acre land worth Rs125 crore in Sindhurdurg (Maharashtra), 72 acre land worth Rs70 crore in Kukatpally (Hyderabad), 80 acres land worth Rs110 crore in Greater Noida, one bungalow worth Rs110 crore in Mumbai, a lavish farm house in Alibaug worth Rs80 crore, a 5-acre farm house worth Rs60-70 acre and two overseas properties in the UAE and the UK.

It is alleged that Wadhawans, in collusion with PMC Bank MD Joy Thomas, availed loans in fraudulent manner. Mumbai Police had arrested Wadhawans and Thomas earlier this month.

Meanwhile, the RBI on Monday enhanced withdrawal limit for customers of PMC Bank to Rs40,000 per account from Rs25,000 for six months.

Earlier in the day, the RBI governor assured that customers’ interest would be protected.