The prime accused who had scammed Rs 4355 crore in Punjab and Maharashtra Co-operative Bank and the owners of HDIL were also involved in four other banks. Three of them are government and one private bank. The father-son duo took loans from these banks, but have not repaid it. Apart from this, the police has seized another private jet. Investigating officers have also come to know about the luxurious bungalows, vehicles and speed boats.
This property was attached on Monday
The Mumbai Police on Monday seized another private jet belonging to the owners of HDIL. Apart from this, the process of confiscation of a 22-room bungalow in Alibaug, Mumbai, three sedan vehicles including Audi, three Terrain motor bikes, speedboats and two golf carts have also been started.
Sarang used to give party of his film industry friends in this bungalow. The bungalow is spread over 2.2 acres. The police also called Sarang’s wife Anu and her mother for questioning. Last week, police seized jewelery worth Rs 60 crore, including a diamond ring of Rs 15 crore. The jewelery was hidden in a relative’s house so that the police could not confiscate it.
Attachment of assets worth four thousand crores
Investigating officers have attached assets worth more than Rs.4000 crores to both father and son. These include shares, demat accounts besides movable and immovable property. Rakesh and Sarang Wadhawan and their company HDIL took a loan of Rs 4355 crore from PMC Bank between 2008 and 2019. Although he could not repay it. An officer investigating the case said that information about the loan is also being sought from those four banks.
Bank names not mentioned
According to the news, the investigating officer has refused to share the names of those banks. The official says that how much loan has been taken from these banks is not known. These banks have been asked to inform about this at the earliest.
Thomas was threatened
Both father-son had threatened former Thomas Bank MD Joey Thomas if he declared his loan to be NPA. In a statement to the investigating officers, Thomas said that he had repeatedly urged both of them to think about repaying the loan, but the father-son had not given any consideration to it. The father-son told Thomas that if his loan was NPA, then his respect in the market would end, which he would have to suffer.
Expensive cars seized
The Enforcement Directorate (ED) has seized private jets, expensive cars and jewelery worth Rs 60 crore from HDIL promoters Rakesh and Sarang Wadhawan in the Punjab and Maharashtra Cooperative (PMC) scam. The ED had taken action on six locations of promoters of HDIL on Friday. The ED has also discovered a plush yacht, which has been initiated to seize.
Wadhawan father-son was arrested by the Economic Offenses Wing of the Mumbai Police. Both are in police custody till October 9. Wadhawan, who is one of the main accused in the scam, has vast assets. After the Slum Rehabilitation Act was passed in Maharashtra in the mid-1990s, Diwan Housing Finance Limited (DHFL) owner Rakesh Wadhawan took great advantage of the law.
Wadhawan collaborated with Jayendra Bhai Thakur to launch one project after another. He founded HDIL in 1996 and by 2009, with a net worth of $ 1.6 billion, his name was considered among the billionaires of the country. According to the police, PMC bank officials gave loans to HDIL from 2008 to 2019 despite not paying the previous loan.