PMC Bank Case: ED Search in HDIL Owner’s Homes Reveal Posh ‘Gifts’ for Politicians

Mumbai, October 7, 2019:

Enforcement Directorate (ED)-led search in the residences of Housing Development and Infrastructure Ltd (HDIL) Chairman Rakesh Wadhawan and his son Sarang Wadhawan has revealed posh ‘gifts’ for politicians.

In a latest development in the Punjab and Maharashtra Cooperative Bank (PMC) scam of Rs. 4,355 Crore, the ED has found that a number of houses were gifted to politicians in some of Maharashtra’s posh locations.

Although ED is yet to release names of the politicians, it, reportedly, said that it has found a huge house with 22 rooms in Alibag.

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A plane which is said to be in the name of the HDIL promoters were also found. ED has contacted with Maldives authorities to attach Wadhwan’s yacht that is anchored there.

The central investigation agency had also attached a private jet and jewellery worth Rs 60 crore of Wadhawan and his son Sarang Wadhawan. Bank accounts of former Chairman of Punjab & Maharashtra Cooperative (PMC) Bank, Waryam Singh were also frozen.

It may be mentioned here that a money laundering case has been filed against the HDIL promoters. The financial investigating agency is also looking out for details of other companies linked to HDIL.

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ED had carried out raids at six places in Mumbai, including the head office of HDIL in Bandra (East) and the residence of Rakesh Wadhawan, apart from raiding the property of Waryam Singh and former PMC Bank Managing Director Joy Thomas.

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