PMC Bank Scam: 2100 acres of land found with Wadhawan, worth Rs 3500 crore


Sarang and Rakesh Wadhawan, the main accused in the Punjab and Maharashtra bank scam and owners of HDIL, also own 2100 acres of land, valued at Rs 3500 crore in the market. Now the Enforcement Directorate (ED) is going to seize this land. This land is located in seven different villages of Vasai-Palghar.

PMC Land was purchased to build a township

Rakesh and Sarang bought this land many years ago to form a township, but work never started here. There is no encroachment on these empty plots. According to the report of Swarnim Times, the ED is currently examining the document to ascertain whether the land was purchased in the name of Wadhavan, or in the name of HDIL.


HDIL is going through insolvency process
HDIL is currently going through an insolvency process. The group companies had taken a loan of Rs 1306 crore from PMC Bank, which is against RBI regulations. While Rakesh Wadhawan owes Rs 1903 crore, Sarang owes Rs 129 crore. HDIL and its owners have pledged 600 acres of land with PMC Bank on this 2100 acre land. In addition, 400 acres of land is mortgaged to other banks. At the same time, 1100 acres of land is not mortgaged. This land is different from those which have already been confiscated by the Economic Offenses Wing of Mumbai Police.


PMC and Four other banks also involved in the scam

HDIL’s owners also had scams in four other banks. Three of them are government and one private bank. On October 7, Mumbai police 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 to 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 can 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.


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