Continuing its crackdown in the Punjab and Maharashtra Co-operative (PMC) Bank scam, the Enforcement Directorate (ED) on Wednesday identified 1,770.14 acres of land and three hotels in Delhi belonging to promoters of Housing Development and Infrastructure Limited (HDIL) and their family members.
The ED has also traced four flats in the name of the wife and children of Waryam Singh, former chairman of PMC Bank. Earlier, the ED had traced properties worth Rs 3,882.14 crore belonging to the HDIL group.
India Today TV has learnt that the 1,770.14 acres of land of the HDIL group have been traced to Vijaydurg of Sindhudurg district of Maharashtra and three hotels in Delhi are in the name of a daughter of the promoter of HDIL.
The Enforcement Directorate had earlier seized, frozen and identified movable and immovable assets owned by the HDIL, its directors and promoters, PMC Bank officials and other related entities in the bank fraud case.
It has been alleged that Rakesh Wadhawan and Sarang Wadhawan of HDIL and its group companies, in conspiracy with PMC Bank officials – Joy Thomas and Waryam Singh and others – availed loans in a fraudulent manner and cheated the PMC Bank.
The total proceeds of the crime involved in this case have been determined at Rs 4,355 crore.
The ED on October 3 initiated its investigation under PMLA against HDIL, its promoters and PMC Bank officials.
During the course of investigations, search actions were carried out by the ED in 10 premises wherein several incriminating documents, property documents and movable properties were found.
“Scrutiny of the incriminating documents has revealed instances of siphoning of the funds and their misuse. For example, a loan of Rs 98 crore from the PMC Bank was diverted to M Estate Developers, a proprietorship concern of close business associate of Rakesh Kumar Wadhawan,” an officer said.
Till now, the ED has seized and frozen several movable and immovable assets. A list of these properties are:
1) Ten cars including Rolls Royce, Bentley and Range Rover seized from the residential premises of Rakesh Kumar Wadhawan.
2) Jewellery worth Rs 66 crore seized from various residential premises including the residence of Meena Rohra, a business associate of Rakesh Kumar Wadhawan.
3) Four vehicles including an Audi, Fortuner, Innova and Scorpio were seized
4) Three Buggies, 2 Quadros (All Terrain Bikes) and a speed boat seized from the farmhouse at Awas in Alibaug.
5) Fixed Deposits totalling to Rs 1.5 crore (approx.) with banks have been frozen.
6) Two aircraft namely, Bombardier Challenger – 300 VT and Falcon 2000 VT HDIL owns.
7) An 88-feet-long Yacht ‘Ferretti 881 HT’ named Samara1 registered under Panama flag, owned by Sapphire Land Development Private Ltd (a group company of HDIL) presently located in the Maldives has also been barred from being alienated.
8) FDs and bank balances totalling Rs 9.93 crore held in the name of Waryam Singh and his family members have been frozen with HDFC Bank.
9) Documents relating to the purchase of 2,112 acres of land have been found. The value of the land varies between Rs 1.5 crore to Rs five crore per acre. The verification of the land details is in progress. The present value of the said land is likely to be more than Rs 3,000 crore.
10) Seized documents revealed that HDIL has work in progress at around 80 unencumbered properties in and around Mumbai. The valuation and ownership of the said properties are being ascertained.
11) Three flats in Pali Hill, Khar (West), Mumbai worth Rs 8.2 crore.
12) 72 acres of land at Kukatpally, Hyderabad owned by My Palace Society in which HDIL has 55 per cent share out of which 24 acres title is valued at Rs 70 crore approx.
13) 80 Acres of land in Greater Noida, Yamuna Expressway project held. It is valued at Rs 110 crore
14) One Bungalow in Mumbai valued at around Rs 110 crore.
15) A lavish farmhouse spread over 2.5 acres land along with 22 lavishly embellished rooms worth Rs 80 crore approximately.
16) A lavish farmhouse over five acres land along with a high-quality construction worth Rs 60-70 crore approximately.
17) Two overseas properties in the name of Wadhawans in UAE and UK have been located. The valuation of some of these assets is still in progress.