Inside HDIL promoter Rakesh Kumar Wadhawan’s 2.5-acre beach house that was seized by EDhttps://indianexpress.com/photos/india-news/inside-hdil-promoter-rakesh-kumar-wadhawans-2-5-acre-beach-house-that-was-seized-by-ed-6059606/

Inside HDIL promoter Rakesh Kumar Wadhawan’s 2.5-acre beach house that was seized by ED

The property is spread over 2.5 acres in Alibaug in Raigad district. The beach house, sources said, has about 24 rooms and the Wadhawan’s employed 26 people to take care of the property.

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

The ED on Monday seized the beach house of HDIL promoter Rakesh Kumar Wadhawan, who was arrested in connection with the PMC Bank case. The property is spread over 2.5 acres in Alibaug in Raigad district.

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

The beach house, sources said, has about 24 rooms and the Wadhawan’s employed 26 people to take care of the property.

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

PMC Bank has an exposure of over Rs 6200 crore to HDIL.

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

The real-estate firm is also facing bankruptcy proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

The agency has also located a second private jet owned by HDIL, and a few offshore properties owned by the Wadhawans.

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

The probe agency has also seized three quad bikes...

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

...and two golf carts from the Alibaug property of Wadhawans.

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

Last week, the agency seized a nine-seater Bombardier Challenger-300 aircraft, registered in the name of Privilege Airways Pvt Ltd, where Rakesh and his son Sarang Wadhawan are directors...

PMC Bank case, HDIL, HDIL promoter, Rakesh Kumar Wadhawan, PMC bank collapse, Enforcement directorate, Wadhawan bunglow, mumbai news

...12 luxury cars and jewellery worth Rs 60 crore belonging to the Wadhawans.