ED attaches assets worth Rs 36.66 crore in bank fraud case linked to Wadhawans
Directorate of Enforcement (ED) has attached assets worth Rs 36.66 crore of Veena Developers in a bank fraud case belonging to the accused, Rakesh Wadhawan and Sarang Wadhawan, under provisions of the Prevention of Money Laundering Act (PMLA), the agency said in a statement on Saturday.
The bank fraud case involves Rakesh Wadhawan and Sarang Wadhawan, who are the promoters of Housing Development Infrastructure Ltd. (HDIL), along with other individuals associated with Mack Star Marketing Private Limited.
The attached assets are in the form of commercial properties consisting of two office units measuring approximately 22,366 square feet in the Kaledonia building in Andheri (East) in Mumbai and shops situated in Veena Velocity Phase II, Diwanman in Maharashtra's Palghar.
ED's Mumbai Zonal Office attached these properties under the provisions of the Prevention of Money Laundering Act (PMLA).
The ED commenced an inquiry following an FIR filed by the CBI (ACB), Mumbai, under multiple sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, against Rakesh Wadhawan, Sarang Wadhawan, and others. The allegations involve embezzlement of a loan amounting to Rs 200 crore sanctioned by Yes Bank to Mack Star Marketing Pvt Ltd.
Further, based on a complaint filed by Mack Star Marketing Pvt Ltd, NM Joshi Marg Police Station, Mumbai, registered a fresh FIR under various sections of IPC, 1860, wherein it is alleged that Wadhawans had illegally and fraudulently sold several office units in the
