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PMC Bank fraud: ED to appoint valuer to check worth of seized HDIL assets
The Enforcement Directorate (ED) will appoint a government valuer to ascertain the exact worth of the properties recently seized by the agency, linked with assets
The Enforcement Directorate (ED) will appoint a government valuer to ascertain the exact worth of the properties recently seized by the agency, linked with assets belonging to the Housing Development Infrastructure Limited (HDIL), which is in bankruptcy court after failing to repay its debt.
The seizures were part of the ED’s probe into allegations of money laundering by HDIL directors Rakesh Kumar Wadhawan and his son Sarang in connection with the Punjab and Maharashtra Co-operative (PMC) Bank fraud case.
The independent valuation of goods from a government-approved valuer will be vital as the assets are estimated to run into several hundred crores. The agency is also probing the details of an HDIL building in Bandra to check if it’s free from any litigation. “Our focus is to recover the stolen assets,” said a senior officer.
The agency is also scanning properties in London and Dubai to ascertain if they are linked to the Wadhawans.
Last week, 15 cars belonging to the Wadhawans – including a Mercedes Benz, Bentley and Rolls Royce – had been seized in addition to deposits, cash, antique jewellery and other assets. On Monday, the agency also attached a seaside farmhouse in Alibaug. At the 22-room farmhouse, built on a two-and-a-half acre plot in Awas village in Alibaug tehsil, the ED found two battery-operated golf carts, three mountain bikes, a speedboat and three high-end cars (an Audi, a Toyota Fortuner and an Innova).
Earlier, the Bombardier jet parked at the Mumbai airport was attached by the authorities on Saturday. ED investigations revealed that Wadhawan’s luxury yacht has been anchored in the Maldives. The agency is in touch with relevant authorities to attach it. Further, antique and expensive jewellery worth ₹60 crore found in the searches have also been attached.
