New Delhi: The Enforcement Directorate on Monday searched the properties of the close associates of HDIL chairman Rakesh Wadhawan and his son Sarang Wadhawan in connection with Rs 4,355 crore Punjab Maharashtra Cooperative Bank fraud case. A case of money laundering was registered against the Wadhawans on Friday.
According to reports, the central investigating agency found a huge house with 22 rooms in Alibag. 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 the Maldives and the agency is making efforts to attach it. According to sources, the owners of HDIL gifted a number of houses to politicians in Maharashtra. The identities of those politicians have not been revealed.
On Saturday, the EC had attached a private jet and jewellery worth Rs 60 crore of the Wadhawans.
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.
So far, the ED had carried out raids at six places in Mumbai, including the head office of HDIL in Bandra (East) and the residence of Rakesh Wadhawan which is known as Wadhawan House in Bandra (West).
Interestingly, the ED has found that HDIL was one of the sponsors of Kolkata Knight Riders, the IPL team co-owned by Bollywood star Shah Rukh Khan. HDIL was also the organiser of a Mumbai fashion event — HDIL Couture Week India, which was later shelved.
According to the FIR, HDIL promoters and senior bank officials created a massive fraud of almost Rs 4355.46 crore, opening around 21,049 dummy accounts to mask loan accounts.