The Enforcement Directorate (ED) attached a private jet, among other valuables, belonging to Housing Development Infrastructure Limited’s (HDIL) directors Rakesh Kumar Wadhawan and his son Sarang Wadhawan in their ongoing money-laundering probe in the Punjab and Maharashtra Co-operative (PMC) Bank fraud case.
The bombardier jet parked at the Mumbai airport was attached by the authorities on Saturday. ED investigations revealed that Wadhawan’s luxury yacht is anchored in the Maldives and 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 made part of the attachment. The ED also attached six more high-end cars, including a Mercedes, Rolls Royce and Range Rover, parked at premises linked to the Wadhawans. The value of the jet and cars is yet to be calculated, revealed ED sources.
The total number of cars attached in the case has now reached 12. The father-son duo was arrested by Mumbai police’s EOW on Thursday and produced before a local court in Mumbai on Friday. They were sent to police custody till October 9. The agency believes that the expensive assets of the Wadawans are “proceeds of crime”. 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 agency said it would probe the money laundering aspect of the fraud and check if there was any fund diversion – where the money was used for purposes other than for which it is given. Probe is on to find if various shell companies were formed and funds were layered. ED had initiated an investigation under PMLA based on an FIR registered by the EOW. It registered an Enforcement Case Information Report (ECIR), equivalent to a police FIR, on October 3. After registering a case of money laundering, ED teams carried out searches at six locations in Mumbai including residences and offices of the Wadhawans.
{{/usCountry}}The agency said it would probe the money laundering aspect of the fraud and check if there was any fund diversion – where the money was used for purposes other than for which it is given. Probe is on to find if various shell companies were formed and funds were layered. ED had initiated an investigation under PMLA based on an FIR registered by the EOW. It registered an Enforcement Case Information Report (ECIR), equivalent to a police FIR, on October 3. After registering a case of money laundering, ED teams carried out searches at six locations in Mumbai including residences and offices of the Wadhawans.
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