ED seizes Vasai bungalow belonging to ‘HDIL director’

The Enforcement Directorate (ED) on Thursday seized a bungalow in Vasai that allegedly belongs to Housing Development Infrastructure Limited (HDIL)’s directors,

The Enforcement Directorate (ED) on Thursday seized a bungalow in Vasai that allegedly belongs to Housing Development Infrastructure Limited (HDIL)’s directors, Rakesh Kumar Wadhawan and his son Sarang in connection with the case of fraud at Punjab and Maharashtra Cooperative (PMC) Bank.

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Built on a five-acre property, the bungalow housed expensive paintings and high-end fittings like chandeliers. Agency sources said they are investigating the “stolen assets” in the case.

Earlier this week, the ED had seized a 22-room farmhouse in Alibaug, two battery-operated golf carts, three mountain bikes, a speedboat and three high-end cars (an Audi, a Toyota Fortuner and an Innova).

The Alibaug farmhouse was used by the Wadhawans to host lavish parties, often attended by Bollywood celebrities.

Among other seizures in the case are two jets, antique and expensive diamond jewellery worth ₹60 crore, and luxury cars such as a Mercedes, Rolls Royce and Range Rover.

ED will appoint a government valuer to ascertain the exact worth of the properties and assets belonging to HDIL that have been seized by the agency.

HDIL is in bankruptcy court after failing to repay its debt and its promoters, the Wadhawans, are among the key accused in the fraud case at PMC Bank.