The Enforcement Directorate (ED) on Monday searched the properties of close associates of HDIL chairman Rakesh Wadhawan and his son Sarang Wadhawan in connection with Rs 4,355 crore Punjab Maharashtra Cooperative (PMC) Bank fraud case. The ED searched the properties after registering a money laundering case against the Wadhawans on Friday.
Sources told Zee Media that during the searches the ED found that the owners of Housing Development and Infrastructure Ltd (HDIL) gifted a number of houses to politicians in some posh areas of Maharashtra. The ED, however, did not reveal the identities of these politicians.
The central investigating agency has also found a huge house with 22 rooms in Alibag and the ED is planning to attach the house shortly. The ED has also found a plane, which is said to be in the name of the promoters of HDIL. The agency has also found a luxury yacht which is owned by Wadhawans. The yacht is currently stationed in Maldives and the agency is making efforts to attach it.
On Saturday, the EC had attached a private jet and jewellery worth Rs 60 crore of the Wadhawans. The bank accounts of Waryam Singh, former Chairman of PMC Bank were also frozen. The ED had also attached Singh's deposits/fixed deposits of around Rs 10 crore.
Mumbai Police has so far arrested four people in connection with the scam, including the Wadhawans, Joy Thomas, the suspended Managing Director of the PMC Bank, and Waryam Singh.
According to the FIR registered by the Economic Offence Wing of Mumbai Police, HDIL promoters and senior bank officials created a massive web of deceit to defraud the financial organisation of almost Rs 4355.46 crore. The FIR also states that PMC Bank officials opened around 21,049 dummy accounts to mask loan accounts. The dummy accounts were not even linked to the bank's CBS to hide loans given to defaulters. Even though these loans were not being repaid, bank management did not raise a red flag or classify them as non-performing advances with the RBI, too, not being informed.