Mumbai: The Directorate of Enforcement (ED), Mumbai provisionally attached 413 agricultural land parcels admeasuring approximately 1807 acres at Village Vijaydurg in Devgarh taluka of Sindhudurg with registered value of Rs 52.90 crore linked to Punjab & Maharashtra Co-operative Bank (PMC) loan fraud case.
The federal financial crime agency had filed a money-laundering case to probe the alleged loan fraud of PMC Bank in October 2019 against the Housing Development Infrastructure Limited (HDIL) promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, former PMC Bank chairman Waryam Singh and former managing director Joy Thomas. The agency probed several others including the promoters and executives of Somerset Construction Private Limited, Serveall Construction Private Limited, Sapphire Land Development Private Limited, Emerald Realtors Private Limited, Awas Developers and Construction Private Limited, Prithvi Realtors and Hotels Private Limited and Satyam Realtors Private Limited for diversion of PMC Bank loans to the tune of 6,117.93 crore (principal Rs 2,540.92 crore and interest Rs 3,577.01 crore) perpetrated by HDIL promoters father son duo Rakesh Kumar Wadhawan and Sarang Wadhawan.
ED had alleged that HDIL and its group companies availed the credit facility from the PMC Bank but despite repeated defaults in payments, the overdraft limits were enhanced from time to time to avoid classifying them as an NPA (non-performing asset).
The probe agency had alleged that the Wadhawans diverted the proceeds of crime into their personal bank accounts and the bank accounts of their close associates to acquire assets. The PMC banks loans were siphoned and parked with SGS Group.
Last month ED had attached shops worth more than Rs 13 crore in Pune's SGS Mall in fraud-linked money laundering case of PMC bank loan scam.
The Wadhawans were arrested by the ED as part of the investigation in the case in October 2019 and both are currently lodged in jail under judicial custody.
