Money & Banking

PMC Bank fraud case: ED attaches hotels worth ₹ 100 crore in Delhi

Our Bureau (web and print)New Delhi, Sep 19 New Delhi | Updated on September 18, 2020 Published on September 18, 2020

The Enforcement Directorate (ED) has, in the PMC Bank fraud case, provisionally attached under the anti-money laundering law three immovable assets in New Delhihaving a market value of ₹100 crore.

The attached assets consists of three hotels and are owned by Libra Realtors Pvt Ltd; Dewan Realtors Pvt Ltd; Rakesh Kumar Wadhawan; Romy Mehra and Libra Hotels Pvt Ltd and its directors.

Hotels attached

The names of the hotels are: Hotel Conclave Boutique; Hotel Conclave Comfort; and Hotel Conclave Executive (all now known as FAB hotels), an official release said.

Investigation has revealed that proceeds of crime totalling ₹247 crore were obtained fraudulently by Libra Realtors Pvt Ltd and Dewan Realtors Pvt from PMC Bank in the guise of loans. These loans are part of the ₹6,117 crore owed by HDIL group of Companies to PMC Bank, the release added.

It may be recalled that ED had initiated investigation under the Prevention of Money Laundering Act (PMLA) on October 3 last year against Housing Development Infrastructures Ltd (HDIL), Rakesh Kumar Wadhawan, Sarang Wadhawan, Waryam Singh, and Joy Thomas, Chairman and Managing Director of PMC Bank, and others .

This was done on the basis of the FIR dated September 30 last year, registered by Economic Offences wing of Mumbai Police under Sections 409, 420,465,466,471 read with 120B of IPC, 1860, for causing wrongful loss prima facie to the tune of ₹4,355 crore to PMC Bank and corresponding gain to themselves.

Earlier, assets belonging to the accused, Rakesh Kumar Wadhawan and Wadhawan Family trust, totalling to ₹193 crore, were also attached and jewellery worth ₹63 crore was seized. Prosecution complaint has been filed in this case against Rakesh Kumar Wadhawan and others. Rakesh Kumar Wadhawan and his son Sarang Wadhawan were arrested by the ED on October 17 last year and are presently in Judicial custody.

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Published on September 18, 2020
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