The Enforcement Directorate has provisionally attached 1,807 acres of land located in Vijaydurg village of Maharashtra's Sindhudurg district in connection with the INR 6,117 crore PMC Bank fraud case allegedly involving HDIL promoters. The attached land parcels worth INR 52.90 crore were allegedly acquired using INR 82.30 crore from the fraud proceeds. Though the land was meant for port development, the project was not implemented. The ED probe found that between 2010-2013, HDIL promoters had diverted funds to buy the land by routing it through 39 farmers. The agency has filed chargesheets against HDIL promoters and others and has provisionally attached assets worth INR 719.11 crore in the case.
The Enforcement Directorate (ED)'s Mumbai zonal unit in Mumbai has provisionally attached land parcels located in Vijaydurg village of Maharashtra's Sindhudurg district. These land parcels measuring around 1,807 acres were allegedly acquired using INR 82.30 crore from the proceeds of the INR 6,117.93 crore Punjab and Maharashtra Co-operative (PMC) Bank loan fraud case involving HDIL (Housing Development and infrastructure Private Limited) promoters.
The attached land parcels had a registered value of INR 52.90 crore according to the agency. Though the land was allegedly acquired to develop a port, the project was not implemented. The land was purchased between 2010-2013 by HDIL promoters.
The ED had begun its probe based on a case registered by Mumbai police's Economic Offences Wing (EOW) under various sections of the Indian Penal Code against accused persons including the PMC Bank's then directors, Joy Thomas and Waryam Singh and HDIL (Housing Development and infrastructure Private Limited)'s promoters Rakesh Wadhawan, Sarang Wadhawan and other unknown persons.
It was alleged that loans worth INR 2,540.92 crore remained unpaid along with interest of INR 3,577.01 crore, taking the total to INR 6,117.93 crore. It was then alleged that the bank had not carried details in their regulatory reporting to the Reserve Bank of India about certain loans that had been given to HDIL firms and had replaced these loan accounts with fake accounts.
The ED probe found that between 2010-2013, HDIL promoters diverted INR 82.30 crore from their subsidiary firms, like Privilege Power and Infrastructure Limited and Privilege Hi-Tech Infrastructure Limited, to bank accounts of 39 farmers to buy the Sindhudurg land. It was alleged that one of the accused promoters had persuaded the farmers to acquire the land parcels in their names and thereafter transfer the same in the name of HDIL group company in exchange of commission and other benefits.
The ED has filed a chargesheet and two supplementary chargesheets against two HDIL promoters and 36 other co-accused persons for diverting loan proceeds. It has provisionally attached assets worth INR 719.11 crore in this case including four floors of a Hyderabad-based hotel and shops at a Pune mall in previous attachments under the provisions of the Prevention of Money Laundering Act.
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