PMC Bank case: ED identifies assets worth Rs 3830 crore of HDIL

The ED has also identified two foreign properties of the Wadhawans in the UAE and UK. Apart from this, the probe agency has also seized fixed deposits of Wadhawans and the former chairman of PMC Bank, Waryam Singh.

PMC bank fraud, PMC Bank scam, PMC restrictions, PMC bank fraud explained, HDIL, PMC chairman, PMC scam, PMC customers, pmc HDIL promoters, Punjab and Maharashtra cooperative bank, PMC bank crisis, indian express news

Former PMC Bank chairman Waryam Singh being taken into police custody on Wednesday. (Express photo by Ganesh Shirsekar)

The Enforcement Directorate (ED) has identified assets worth over Rs 3830 crore of HDIL for possible attachment, in connection with its money laundering probe into the Rs 4355 crore fraud at Punjab and Maharashtra Cooperative (PMC) Bank.

The assets of HDIL include a 2112 acre land worth over Rs 3000 crore, 88 feet long yacht named Samara1, owned by HDIL’s group firm Sapphire land Development Pvt Ltd, two aircrafts owned by another group firm Privilege Airways Ltd, 10 high end cars, jewellery worth over Rs 60 crore, land worth RS 125 crore owned by its associate firm Vijay Durg Ports Pvt Ltd, three Bungalows in Bandra, Vasai and Alibaug in Maharashtra worth Rs 250 crore and three flats in Bandra worth around Rs 8.2 crore.

pmc bank fraud, Punjab and Maharashtra Cooperative (PMC) Bank, hdil promotors pmc bank, ed probe hdil promoters

HDIL is promoted by Rakesh Wadhawan and Sarang Wadhawan. Both are under arrest and have been sent to police custody till October 16.

The ED has also identified two foreign properties of the Wadhawans in the UAE and UK. Apart from this, the probe agency has also seized fixed deposits of Wadhawans and the former chairman of PMC Bank, Waryam Singh. According to the agency, it has also seperately identified 80 unencumbered properties of HDIL in and around Mumbai.

The ED said that it has also found two properties in Hyderabad and Greater Noida belonging to joint ventures of HDIL with other firms.

Story continues below this ad

PMC Bank has an exposure of over Rs 6200 crore to HDIL. The bank is under regulatory restrictions after the Reserve Bank of India found out financial irregularities in its functioning, hiding and classification of loans given to HDIL.

The ongoing investigation has found that there were nearly 44 accounts at the bank that were password-protected. Sources said that a lot of money has been diverted to these accounts, linked to the Wadhawans and HDIL-linked entities. The police is also probing the 21,049 dummy accounts created by the bank to hide its bad loans.

HDIL is also facing bankruptcy proceedings at the national Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.