On Monday, the Enforcement Directorate (ED) said that it has seized and identified assets worth ₹3,830 crore, consisting of private jets and a yacht, in connection with its probe in the alleged PMC Bank money laundering case. According to ED's investigations, the funds of the bank were misused and allegedly siphoned off.
An amount of ₹98 crore of loan from PMC Bank was diverted to M Estate Developers, a proprietorship concern of close business associate of Rakesh Kumar Wadhawan," said ED in the press statement.
The case is related to the directors and promoters of the real estate company Housing Development and Infrastructure Limited (HDIL) as they had allegedly availed themselves of loans from PMC bank in a fraudulent manner and cheating the bank.
In the meantime, the total amount of fraudulent proceeds has been determined at ₹4,355 Crore by Mumbai Police's ED and Economic Offences Wing (EOW). So far, the attachment by EOW consists of 10 high-end luxury cars such as Rolls Royce, Bentley and Range Rover. All of these were seized from the residential premises of Rakesh Kumar Wadhawan.
Alongside, documents relating to the purchase of 2,112 acres of land have also been found and the present value of the said land is likely to be more than ₹3,000 crore, ED said. Moreover, jewellery worth approximately ₹66 crore has been seized from various residential premises, including the residence of Meena Rohra, a business associate of Rakesh Kumar Wadhawan.
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