The Enforcement Directorate (ED) on Friday attached three immovable properties worth ₹100 crores or more in New Delhi in connection with the Punjab Maharashtra Co-operative Bank (PMC) Bank fraud case.
The central agency said that these three hotels are owned by Rakesh Wadhawan and have been provisionally attached under the Prevention of Money Laundering Act (PMLA) of 2002 in PMC bank case.
Three hotels which have attached by the ED include Hotel Conclave Boutique in Kailash Colony, Hotel Conclave Comfort in East of Kailash and Hotel Conclave Executive in Kakaji. These properties have been identified by the central agency as the Fab Hotels group.
The investigation has revealed that proceeds worth ₹247 crores were obtained fraudulently by Libra Realtors Pvt Ltd and Dewan Realtors by PMC bank in the guise of loans, the release said. It also mentions that Rakesh Wadhawan and Romy Mehra as directors of the hotels.
ED says that these loans are part of ₹6,117 crores owed by HDIL (Housing Development and Infrastructure Ltd) to PMC bank. Currently, the Wadhawan father-son duo, Rakesh and Sarang, are in behind bars. They were denied bail in the PMC bank case by a Mumbai court.
Apart from the PMC bank case, Sarang Wadhawan has also been by the Economic Offence Wing (EOW) of Mumbai Police in connection with a ₹1,034 crore redevelopment project scam of the Goregaon Patra Chawl.
Rakesh Wadhawan and son Sarang Wadhawan were being held at the Arthur Jail. After testing positive for coronavirus Rakesh Wadhawan was initially admitted to JJ hospital and was shifted to GT hospital later, where prison inmates who test positive are being admitted.
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