Enforcement Directorate Conducts Fresh Searches In PMC Bank Case
Customers read a notice issued by RBI on the shutters of a PMC Bank ATM in Mumbai. (Source: BloombergQuint)

Enforcement Directorate Conducts Fresh Searches In PMC Bank Case


The Enforcement Directorate on Monday conducted fresh searches at a posh bungalow located in Alibaug in Maharashtra in connection with the PMC bank money laundering case, officials said.

They said the 22-room bungalow is linked to Housing Development & Infrastructure Ltd. promoters Wadhawans and has been sealed by the agency after the raid.

The agency has also seized Rs 60 crore worth jewellery, a business jet, 15 cars, two fixed deposits worth Rs 1.5 crore and Rs 10 crore in connection with the investigation of the case.

The searches were being conducted after a criminal complaint was filed under the Prevention of Money Laundering Act by the central agency.

Also read: Former Managing Director Of PMC Bank Joy Thomas Sent To Police Custody Till Oct. 17

The Enforcement Directorate case is based on an FIR filed by the Economic Offences Wing of Mumbai police.

The ED and the Mumbai Police case is against former bank management and promoters of HDIL.

Based on a complaint by an Reserve Bank of India-appointed administrator, the police complaint was filed earlier last week on charges of forgery, cheating and criminal conspiracy against the officials.

Also read: PMC Bank’s Former Chairman Waryam Singh Gets Police Custody Till Oct. 9

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