PMC bank fraud case: ED attaches three Delhi hotels worth ₹100 crore
The Enforcement Directorate (ED) has attached three hotels in Delhi, worth Rs 100 crore, in connection with its money laundering probe into the Punjab and Maharashtra Cooperative (PMC) bank fraud case, officials familiar with the development said.
So far, properties – belonging to HDIL promoters Rakesh and Sarang Wadhawan – worth Rs 360 crore have been attached by the agency, officials said.
This is the first such case of money laundering when the ED has not touched properties which are free from 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 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 a second ED officer.
The second officer said that three hotels are now known as Fab Hotels.
“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 crores owed by HDIL group of Companies to PMC Bank,” the anti-money laundering probe agency said in its statement on Friday.
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), it’s promoters Rakesh Kumar Wadhawan, Sarang Wadhawan, PMC bank’s chairman Waryam Singh and then Managing Director Joy Thomas and others on the basis of an FIR filed by the Economic Offences Wing of the Mumbai Police.
The ED found that Wadhawans laundered more than Rs 2500 crore out of a total Rs 6600 crore 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 jewelry worth 63 crores was seized.
Rakesh Kumar Wadhawan and his son, Sarang, were arrested by ED on October 17, 2019 and they are presently in judicial custody.
HDIL’s lawyer, speaking on condition of anonymity, said that he or his clients were not aware of latest ED attachments.