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Action on HDIL Group facing investigation in PMC Bank fraud case! 233 crore shares attached

Action on HDIL Group facing investigation in PMC Bank fraud case! 233 crore shares attached

Big action of ED in PMC Bank Fraud Case.

New Delhi:

The Enforcement Directorate (ED) on Thursday said it has secured partly paid-up binding convertibles worth Rs 233 crore of HDIL (Housing Development and Infrastructure Limited) group companies in the multi-crore PMC (Punjab and Maharashtra Co-operative) bank fraud and money laundering case. Preference shares have been attached. The directorate said that “on the strength” of these shares, HDIL had the right to allot under construction flats of 90,250 sq ft FSI (Floor Area Ratio) to developer Aryaman Developers Pvt Ltd at Ghatkopar, Mumbai.

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“The developer has given an undertaking to ensure that upon completion of the project, there will be no sale, transfer or creation of rights to any third party,” the ED said.

The agency has filed a money laundering case against Housing Development Infrastructure Limited (HDIL) its promoter Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and former managing director Joy Thomas for probing the alleged loan fraud at PMC Bank in October, 2019. is registered.

Apart from these, the promoters of Somerset Construction Pvt Ltd, Sarvall Construction Pvt Ltd, Sapphire Land Development Pvt Ltd, Emerald Realtors Pvt Ltd, Aawas Developers and Construction Pvt Ltd, Prithvi Realtors and Hotels Pvt Ltd and Satyam Realtors Pvt Ltd and officers are involved. Rakesh Wadhawan and his son were arrested by the Directorate in October 2019 and are currently lodged in a jail in Mumbai.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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