In money laundering case against Housing Development and Infrastructure Ltd, Chairman Rakesh Wadhawan and his son Sarang Wadhawan in the ₹4,355 crore Punjab Maharashtra Cooperative Bank fraud case, The Enforcement Directorate is looking for the details of other 18 companies linked to HDIL during the raids at six locations in Mumbai.
ED carried raids at six places, which includes HDIL’s head office at Bandra and residence of Rakesh Wadhawan, which is known as Wadhawan House at in Bandra.
It has found that HDIL were one of the sponsor of Kolkata Knight Riders, IPL cricket team owned by Bollywood actor Shah Rukh Khan. HDIL had also stake in Adhikari Brothers’firms and Hindi news channel Live India.
The financial investigating agency is looking for the details of other 18 companies linked to HDIL during the raids.Sources saidthe companies liked to HDIL are Wadhawan Livestock Pvt Ltd, Privilege Industries Ltd, UM Architecture and Contractors Ltd, Guruashish Construction Pvt Ltd, Heritage Housing Development India Pvt Ltd, HR Infracity Pvt Ltd, Libra Hotels Pvt Ltd, Privilege Airways Pvt Ltd and ANC Holdings & Investment Pvt Ltd.
“We want to know the exposure of these companies to the bank and in what all business they are in,”said a senior ED officer adding that they are also looking into the deals and the companies had,Further, the companies has also invested at various other businesses and sponsored many programmes.
It is alleged that HDIL, which is facing bankruptcy proceedings, and its group companies had taken huge loans from PMC Bank.
The FIR with Mumbai police was filed by by Jasbir Singh Matta, manager, Recovery Department, of PMC Bank. It is alleged that as many as 21,049 fictitious bank accounts were allegedly created to hide the loans, which were disbursed in violation of RBI norms.
During probe by the Reserve Bank of India, it has been found that directors of PMC Bank had replaced 44 suspicious loan accounts with 20,149 fictitious bank accounts whose individual balances were low.
The 44 borrower accounts were allegedly linked to HDIL were masked by tampering with bank software. The PMC Bank’s Managing Director Joy Thomas was behind the masking the borrower account.