The Enforcement Directorate (ED) on Thursday said it has attached partly paid Compulsorily Convertible Preference shares of Housing Development Infrastructures Ltd (HDIL) group of companies worth Rs 233 crore under the provisions of Prevention of Money Laundering Act in the PMC Bank scam.
On the strength of these shares, HDIL has right for allotment of under construction flats measuring 90,250 square feet FSI in Ghatkopar, Mumbai-based Aryaman Developers P Ltd. The developer has given an undertaking to ensure not to sell/transfer/alienate or create any third party rights thereon on completion of the project.
The ED had initiated investigation under PMLA on the basis of FIR dated September 30, 2019 registered by Economic Offences Wing, Mumbai Police under the provisions of Indian Penal Code against Joy Thomas (Managing Director) of PMC Bank, Waryam Singh (Chairman), Sarang Wadhawan, Rakesh Kumar Kuldip Singh Wadhawan of Housing Development Infrastructures Ltd and promoters and executives of certain developers. The executives named in the EOW, Mumbai case are of Somerset Construction Pvt Ltd, Serveall Construction Pvt Ltd, Sapphire Land Development Pvt Ltd, Emerald Realtors Pvt Ltd, Awas Developers & Construction Pvt Ltd, Prithvi Realtors and Hotels Pvt Ltd, Satyam Realtors Pvt Ltd and others for causing wrongful loss to the tune of Rs 4,355 crore to PMC Bank and corresponding gain to themselves.
“Investigation under PMLA revealed that in spite of default in payment, HDIL group companies availed loans from PMC from time to time. The mode and manner of operation of bank accounts of HDIL clearly indicate the connivance of PMC Bank officials with the promoters of HDIL. Instead of declaring them as NPA for initiating actions for recovery, the PMC bank officials choose to accommodate the HDIL group. Due to such criminal act of promoters of HDIL Group companies, PMC bank suffered a huge wrongful loss to the tune of Rs 6,117.93 crore,” the ED said in a statement.