Mumbai: The Enforcement Directorate (ED) has provisionally attached two properties worth Rs 31.50 crore in Goa as part of its probe into alleged irregularities in the redevelopment of the Patra Chawl project at Goregaon by Guru Ashish Construction. The two plots belong to the firm’s directors, Rakesh and Sarang Wadhawan officials said.
The ED had initiated its probe on the basis of a case registered by the Economic Offences Wing against Guru Ashish Construction, Rakesh Wadhwan, Sarang Wadhwan and others on the basis of a complaint filed by an executive engineer of MHADA under sections of the Indian Penal Code.
“The investigation revealed that Guru Ashish Construction was entrusted with the redevelopment of Patra Chawl for the rehabilitation of 672 tenants. During the relevant time, Rakesh Wadhawan, Sarang Wadhwan and others were the directors of Guru Ashish Construction,” an official said.
About the agreement between MHADA & the developer
An agreement had been signed between the society, MHADA and Guru Ashish Construction. According to it, the developer was to provide the flats to 672 tenants and develop flats for MHADA, and thereafter the remaining area was to be sold by the developer, according to the official.
“The directors of Guru Ashish Constructions misled MHADA and sold the floor space index to nine developers and collected a net amount of around Rs 901.79 crore without constructing the rehab portion for the 672 displaced tenants and the MHADA portion,” the official said.
“Further, Guru Ashish Construction also launched a project called ‘Meadows’ and collected booking of around Rs138 crore from flat buyers. The total proceeds of crime generated by the directors through illegal activities was around Rs1,039.79 crore,” the official said.
During further investigation, it was revealed that Rakesh and Sarang Wadhawan, after receipt of the proceeds of crime in bank accounts of their firm Housing Development and Infrastructure Limited and its group companies, further diverted them through bank accounts of HDIL and/or its group companies.
“It finally reached the personal bank accounts of Rakesh Wadhawan and Sarang Wadhwan after multiple layering,” the official said.
Between 2011 and 2016, alleged proceeds of crime of Rs 38.5 crore from the account of Rakesh Wadhawan was utilised for pre-payments of instalments against availed loan of Rs28.5 crore from India Bulls Housing Finance, the ED said.
“The loan was availed at the floating interest of 18.5% for acquiring two plots, sized 1,250 square metres and 15,300sqmt in North Goa, worth Rs 31.50. A payment of Rs2 crore was also made to the seller of the plots from the personal account of Sarang Wadhwan,” the official said.
