NEW DELHI: The Directorate of Enforcement (ED) has attached 413 agricultural land parcels measuring approximately 1,807 acres in Maharashtra‘s Sindhudurg in connection with a bank loan fraud case of Punjab and Maharashtra Co-operative Bank (PMC).
The attached 1,807 acres had a registered value of Rs 52.90 crore and the proceeds of crime to the tune of Rs 82.30 crore were utilised during the period from 2010 to 2013 for acquiring these parcels of land, the agency said on Tuesday.
The attached land is located in Vijaydurg village in Taluka Devgarh area in Sindhudurg district under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
ED’s Mumbai Zonal office attached the 413 agricultural land parcels based on its investigation based on an FIR registered by EOW, Mumbai Police under various sections of IPC, 1860 against Joy Thomas, Waryam Singh (Directors of PMC Bank), Rakesh Kumar Wadhawan, Sarang Wadhawan and other unknown persons.
Housing Development and Infrastructure Pvt Ltd (HDIL), its promoters and other co-accused and accomplices committed fraud by causing loss of Rs 6,117.93 crore (principal Rs 2,540.92 crore and interest Rs 3,577.01 crore) against Punjab and Maharashtra Co-operative Bank (PMC).
ED investigation revealed that during the period 2010-2013, promoters of HDIL–Sarang Wadhawan and Rakesh Wadhawan–syphoned off proceeds of crime totaling Rs. 82.30 Crore to the accounts of 39 Farmers through their subsidiary companies, Privilege Power and Infrastructure Limited and Privilege Hi-Tech Infrastructure Limited for acquiring lands at Vijaydurg in Sindhudurg district.
“Sarang Wadhawan, in connivance with his employee Mukesh Khadpe, persuaded farmers to acquire lands in their names and transfer the same in the name of HDIL group company in lieu of commission and other benefits,” said the ED.
“Cash components were also used for acquiring these lands and after registration of lands at registered value of Rs 52.90 crore, power of attorney documents were obtained in favour of HDIL Group Company. Though these lands were purportedly acquired for development of ports, they were never developed. Sarang and Rakesh Wadhawan, from their subsidiary companies accounts of HDIL, diverted PoC to the tune of Rs 82.30 Crore in the accounts of farmers keeping PMC bank at dark. Based on outcome of the investigation, assets having registered value of Rs 52.90 Crore has been provisionally attached under PMLA.”
On October 17, 2019, the main accused persons, Rakesh Kumar Wadhawn and his son Sarang Wadhawan, were arrested for their involvement in the offence of Money Laundering.
A prosecution complaint and two supplementary complaints have already been filed against them and 36 other persons and entities. So far, ED has attached assets aggregating to Rs 719.11 crore under provisions of PMLA, 2002.
