ED attaches over Rs 77-cr assets in PMLA case linked to bank loan fraud

·2-min read

New Delhi, Apr 9 (PTI) Assets worth over Rs 77 crore have been attached by the Enforcement Directorate in connection with its money laundering probe linked to an alleged bank fraud case involving HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, the agency said on Friday.

A provisional order for attachment was issued against Sunlight Housing Development Private Limited (SHDPL) under provisions of the Prevention of Money Laundering Act (PMLA), it said.

'The attached assets are in the form of five commercial properties, measuring about 32,300 square feet, in the Kaledonia Building, Andheri (East), Mumbai, and two residential flats, measuring approximately 3,960 square feet, each located at Atlantis Building, Andheri (West) in Mumbai and cash worth Rs 1.40 crore,' the Enforcement Directorate (ED) said in a statement.

This ED case is linked to alleged siphoning of Rs 200 crore loan sanctioned by Yes Bank to a company called Mack Star Marketing Pvt Ltd, by showing it for 'fictitious' purposes, it said.

The agency said its probe found that 'seven commercial properties in the Kaledonia building, Andheri East, Mumbai, owned by Mack Star were fraudulently sold/transferred to one Mukesh Doshi through his company Sunlight Housing Development Pvt Ltd at a wrongful loss to Mack Star company worth Rs 77.65 crore by Rakesh Wadhawan and Sarang Wadhawan in connivance with SHDPV and its director'.

'Rakesh and Sarang Wadhawan cheated Mack Star Marketing Pvt Ltd by illegally selling these properties without consent of the majority shareholder (DE Shaw Group which holds 83.36 per cent shares of Mack Star Marketing Pvt Ltd) and without receiving any consideration causing loss to Mack Star,' the agency said.

The ED claimed that to make the transactions look genuine, HDIL in connivance with SHDPL made 223 transactions -- amounting to Rs 994 crore -- with each other's associate companies -- each amounting to about Rs 5 crore -- on a single day for layering monies and to show them as having being paid for purchase of the said properties.

'At the end of the 223 transactions, this Rs 5 crore also came back and thus, SHDPL received this property free of cost,' the agency said.

The ED had earlier attached some properties in this case and with the latest action, the total value of attachment stands at Rs 147.49 crore. PTI NES ANB ANB