PMC BANK CASE: ED IDENTIFIES AND SEIZES ASSETS WORTH ₹3,830 CRORE

NEW DELHI : The enforcement directorate (ED) on Monday said it has seized and identified assets worth ₹3,830 crore belonging to promoters of HDIL (Housing Development and Infrastructure Ltd) in the Punjab and Maharashtra Cooperative (PMC) Bank scandal. Several assets, including 80 unencumbered properties in and around Mumbai, are being assessed, the agency said in a statement.

The ED recovered hundreds of documents during raids at the premises of Rakesh Kumar Wadlavish hawan and his son Sarang in the past one week.

“Documents relating to purchase of 2,112 acre of land have been found. Value of land varies between ₹1.5 crore to ₹5 crore per acre. Verification of land details is in progress. The present value of the said land is likely to be more than ₹300 crore,” the statement said. Subsequently, the documents reveal that Wadhawans acquired 160 acre land worth ₹125 crore in Sindhurdurg (Maharashtra), 72 acre land worth ₹70 crore in Kukatpally (Hyderabad), 80 acres land worth ₹110 crore in Greater Noida, one bungalow worth ₹110 crore in Mumbai, a farm house in Alibaug worth ₹80 crore, a 5-acre farm house worth ₹60-70 acre and two overseas properties in the UAE and the UK.

It is alleged that Wadhawans, in collusion with PMC Bank MD Joy Thomas, availed loans in fraudulent manner. Mumbai Police had arrested Wadhawans and Thomas earlier this month.

Meanwhile, the RBI on Monday enhanced withdrawal limit for customers of PMC Bank to ₹40,000 per account from ₹25,000 for six months.

Earlier in the day, the RBI governor assured that customers’ interest would be protected.