THE ENFORCEMENT Directorate (ED) investigating the PMC Bank scam on Friday told a local court that it had no objection if two airplanes and a yatch belonging to Housing Development Infrastructure Limited promoters Rakesh Wadhawan and his son Sarang Wadhawan were to be auctioned in order to repay investors.
The Economic Offences Wing (EOW) of the Mumbai Police had arrested the Wadhawans for their alleged involvement in siphoning off money from the Bank. After their custody with EOW ended, the ED had arrested them for alleged money laundering.
The EOW had earlier submitted a no objection certificate (NOC) to the court, giving permission for these assets to be auctioned. The court is set to pass an order on Monday, after which the auctioning process can begin if the court permits it.
However, the hearing over an NOC submitted by the ED regarding the auction of 14 vehicles owned by the Wadhawans will continue.
An official said that ED had given its NOC to auction two aircraft — Bombardier Challenger-300 VT and Falcon 2000 VT — and an 88-feet-long Ferretti 881 HT yacht named Samara1, registered under Panama flag, owned by Sapphire Land Development Private Limited (a group company of HDIL) located in the Maldives.
Earlier, the ED and EOW had provisionally attached 14 cars, three quad bikes, one speed boat, two airplanes and a yatch belonging to the Wadhawans.
As per procedure, the process of auction could be carried out after the court permits the same after receiving NOCs from the investigating agencies.
Once the court permits auction, advertisements will be published in two newspapers and the goods valued. Following this, the auction process will begin.
The immovable assets that the Wadhawans securitised with the PMC Bank will be auctioned once the courts and Wadhawans give permission for the same.
The Wadhawans had earlier said that they wanted their assets to be sold in order to compensate the depositors.
It is believed that overall, the assets are worth more than Rs 4,000 crore and are likely to cover a major chunk of the nearly Rs 5,000 crore that the Wadhawans owe to the bank.
Till date, nine persons have been arrested in the case.