The Enforcement Directorate (ED) has attached three hotels in Delhi worth 100 million rupees in connection with its money laundering investigation into the Punjab Maharashtra Cooperative (PMC) bank fraud, officials familiar with the development said. .
So far, the agency has attached non-mortgaged properties worth around 360 million rupees in the scam belonging to HDIL developers Rakesh and Sarang Wadhawan, authorities said.
The PMC Bank scam, which came to light last year, is a unique case when it comes to money laundering investigations, as ED has not touched properties that are lien-free or mortgaged for the first time. with the bank. This was done in consultation with the Reserve Bank of India, which had taken control of PMC Bank in September last year over concerns expressed by thousands of depositors. ED had granted a No Objection Certificate (NOC) in November 2019 for the bank to recover the money from HDIL’s mortgaged properties, a previously quoted official said.
Assets attached on Friday include: Hotel Conclave Boutique on A-20, Kailash Colony; Hotel Conclave Comfort on D-150, east of Kailash and Hotel Conclave Executive on C-22, Kalkaji, which are allegedly owned by Libra Realtors Pvt Ltd, M / s Deewan Realtors Pvt Ltd, Rakesh Kumar Wadhawan, Romy Mehra and M / s Libra Hotels Pvt Ltd and its directors; companies linked to HDIL, according to the second head of ED.
The second officer said that three hotels are now known as Fab Hotels.
The anti-money laundering investigative agency also said in a statement on Friday that “the investigation revealed that the proceeds of crime totaling Rs 247 million were obtained fraudulently by M / s Libra Realtors Pvt Ltd, M / s Deewan Realtors Pvt of PMC Bank under the guise of loans. These loans are part of the 6117 million rupees that the HDIL group of companies owes to PMC Bank. ”
The DE had launched an investigation under the Prevention of Money Laundering Act (PMLA) in the case in October last year against Housing Development Infrastructures Ltd (HDIL), its promoters Rakesh Kumar Wadhawan, Sarang Wadhawan, Bank President Waryam Singh and then-managing director Joy Thomas. and others based on an FIR from the Mumbai Police Economic Crimes Wing.
The ED found that Wadhaw residents have laundered more than Rs 2,500 crore out of a total Rs 6,600 crore that the company – HDIL – had taken from PMC Bank between 2007 and 2013.
Earlier, assets belonging to defendants Rakesh Kumar Wadhawan and the Wadhawan family trust were also attached totaling Rs 193 crore and jewelery worth 63 crore was seized.
Rakesh Kumar Wadhawan and his son Sarang Wadhawan were arrested by ED on October 17, 2019 and are currently in judicial custody.
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