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Thursday, Nov 14, 2019

ED identifies 50 more HDIL properties linked to fraud

mumbai Updated: Oct 23, 2019 00:16 IST
Hindustantimes
         

pratik.salunke@hindustantimes.com

The Enforcement Directorate (ED) told a special court on Tuesday that it has identified 50 more properties of crisis-hit Housing Development Infrastructure Limited (HDIL) as possible proceeds of crime in connection with the ongoing probe into the ₹4,355-crore fraud at Punjab and Maharashtra Co-operative (PMC) Bank.

“Prima facie appeared that the said persons [Wadhawans] arrested by EOW played a key role in the execution of said illegal transactions as alleged in the FIR [first information report] and have actively participated in generation of proceeds of crime from the criminal activity related to schedule offence. Further, it also appeared that they are actual beneficiaries of the proceeds of crime,” ED stated in their remand report, submitted to the court. The Prevention of Money Laundering Act (PMLA) defines proceeds of crime as “any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property”.

The prosecution and defence also argued over the scam amount in court. While the prosecution stated that the principal amount is ₹2,500 crore excluding interest, the counsel for the accused alleged the principal amount is between ₹1,600 to ₹1,800 crore.