Hyderabad: Enforcement Directorate is scrutinizing documents of 24 acres of property (land of worth Rs 70 crores ) at ‘My Palace Society’ – Kukatpally, Hyderabad owned by PMC Bank scam accused Rakesh Wadhawan and Sarang Wadhawan who are the directors of Housing Development and Infrastructure limited (HDIL).
The My Palace Society owns 72 acres of land at Kukatpally, Hyderabad . In total 72 acres, HDIL hold 55% of share , which is of 24 acres clear title , valued at Rs. 70 crore approximately. The ED is currently scrutinizing the documents for possible attachment.
In a robust move, the Enforcement Directorate, on Tuesday has seized cash, cars , aircrafts and properties in India and abroad worth Rs 3830 crore owned by (HDIL), its Directors, PMC Bank officials and other related entities in the fraud case.
The investigating agency were acting upon an FIR filed by the Economic Offences Wing of Mumbai Police against HDIL. A case has been booked against HDIL Directors, group companies and employees of the PMC Bank for offences under section 420, 467 and 471 read with section 120B of Indian Penal Code (IPC).
It was alleged that Rakesh Wadhawan and Sarang Wadhawan of HDIL and its group companies, in conspiracy with PMC Bank Officials, that is in collusion with Joy Thomas and Waryam Singh and others had availed crores of loans in fraudulent manner and cheated PMC bank. The total proceeds of crime involved in this case have been determined at Rs. 4,355 Crore.
During the course of investigation, taken up by ED , searches were carried out at 10 premises wherein several incriminating documents, property documents and movable properties were seized. Further Scrutiny of the incriminating documents has revealed instances of siphoning of the funds and their misuse.
For example, an amount of Rs. 98 crore of loan from PMC Bank was diverted to M Estate Developers, a proprietorship concern of close business associate of accused Rakesh Kumar Wadhawan.
The ED on Tuesday went on a spree attaching properties worth multi-crore of the those involved the band.
Some of the properties seized by ED Include :
1) 10 cars including Rolls Royce, Bentley and Range Rover seized from the residential premises of Rakesh Kumar Wadhawan.
• Jewellery worth approximately Rs. 66 crore seized from various residential premises including residence of Ms. Meena Rohra, business associate of Rakesh Kumar Wadhawan.
• Two aircrafts namely, Bombardier Challenger – 300 VT and Falcon 2000 VT HDL owned by Privilege Airways Private Limited have been identified. The CEO, Mumbai International Airport Limited has been informed to keep in custody and not to allow its operation/ alienation. Rakesh Kumar Wadhawan and Sarang Wadhawan are Directors of Privilege Airways Private Limited.
• An 88 feet long Yacht ‘Ferretti 881 HT” named Samara1 Registered under Panama Flag, owned by Sapphire Land Development Private Ltd (a group company of HDIL) presently located in Maldives has also been barred from being alienated.
• 160 Acres of land acquired in district Sindhurdurg ( Maharashta)for Vijay Durg Port Private Ltd in 2013-2014 valued at Rs 125 crores (approx).
• 72 Acres at Kukatpally, Hyderabad owned by My Palace Society in which HDIL has 55% share out of which 24 acres title is clear valued at Rs. 70 crore approx..
• 80 Acres of land at Greater Noida, Yamuna Express way Project jointly held valued at Rs 110 crore
• Lavish farm house in 5 acres land along with high quality construction worth Rs. 60 – 70 crore approximately.
• Two overseas properties in the name of Wadhawans in UAE and UK have been located.