New Delhi: The Enforcement Directorate on Friday provisionally attached under the Prevention of Money Laundering Act 2002 (PMLA) three properties in New Delhi, with a market value of around ₹100 crore for PMC Bank fraud.
The investigation has revealed that the proceeds of the crime of ₹Libra Realtors and Deewan Realtors of PMC Bank fraudulently obtained 247 million rupees in the form of loans, the investigative agency said. These loans are part of the ₹Rs 6,117 crore owed by the HDIL group of companies to PMC Bank.
The attached hotels are the following:
- Conclave Boutique Hotel now known as FAB HOTELS A-20, Kailash Colony, New Delhi
- Conclave Comfort Hotel now known as FAB HOTELS D-150, East of Kailash, New Delhi
- Conclave Executive Hotel now known as FAB HOTELS C-22, Kalkaji, New Delhi
Authorities began investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the Reserve Bank of India (RBI) took control after detecting financial irregularities. Thousands of PMC depositors have not been able to access their deposits for a year as the RBI has limited withdrawals to ₹1 lakh.
The majority of PMC’s loan book was found to have been disbursed to HDIL, and an RBI-appointed servicer, Jai Bhagwan Bhoria, has been trying to recoup the installments in an attempt to bail out the lender. Authorities have been investigating officials from both PMC and HDIL.
Established in 1984, PMC is a regional cooperative lender with 137 branches in six states of India, and its sudden crash at the end of September 2019 has left thousands of its depositors in distress.
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