The Enforcement Directorate (ED) has provisionally hooked up 4 flooring of Resort One Continental in Hyderabad value Rs 43.84 crore in reference to a financial institution mortgage fraud case filed by Punjab and Maharashtra Co-operative Financial institution (PMC). The fraud in opposition to the financial institution is claimed to be to the tune of Rs 6117.93 crore.
The immovable properties, consisting of the second, third, fourth and fifth flooring of Resort One Continent at King Koti Highway in Hyderabad, have been hooked up by the ED underneath the provisions of the Prevention of Cash Laundering Act (PMLA).
Based on the probe company, the ED had launched a probe on the idea of a primary info report (FIR) filed by the financial institution in opposition to Pleasure Thomas and Waryam Singh, each administrators of PMC Financial institution, Rakesh Kumar Wadhawan, Sarang Wadhawan, and others underneath related sections of the Indian Penal Code.
It’s alleged that the promoters of Housing Growth & Infrastructure Pvt Ltd (HDIL), Rakesh Kumar Wadhawan and his son, Sarang Wadhawan, have been concerned within the fraud. Throughout the scrutiny of the financial institution accounts of HDIL Group, a probe revealed that the entity had fraudulently siphoned off the proceeds of the crime whereas allegedly protecting PMC Financial institution at the hours of darkness. As an alternative, they parked the fraudulently availed mortgage funds with different entities to undertaking the identical as untainted.
Throughout the ED-led probe underneath the PMLA, it was found that the promoters of HDIL had siphoned off Rs 43.84 crore to entities in Hyderabad between 2006 and 2014. The transaction was carried out by Rakesh Wadhwan, disguising it as a reputable enterprise whereas protecting PMC Financial institution uninformed, as per the probe company.
In October 2019, Rakesh Kumar Wadhawan and his son, Sarang Wadhawan, have been arrested in a cash laundering case and they’re presently in judicial custody. To date, the ED has hooked up property aggregating to Rs 719.11 crore underneath provisions of anti-money laundering legal guidelines.
A probe into the case is underway.