PMC Bank Fraud: Enforcement Directorate Consents To Disposal Of Two Jets, Yacht
The other investing agency--Mumbai police’s economic offences wing--has given its consent to dispose of these properties earlier.
The Enforcement Directorate on Friday gave its consent in a court here for disposal of two airplanes and a yacht belonging to Housing Development & Infrastructure group firms owned by Rakesh Wadhawan and his son Sarang, prime accused in the Rs 4,355 crore Punjab & Maharashtra Cooperative Bank fraud.
ED, which is probing the fraud along with the Mumbai police’s Economic Offences Wing, has attached movable properties worth Rs 3,830 crore, which comprise luxury cars, a seven-seater speedboat, two aircraft and a yacht belonging to HDIL and its promoters.
The RBI appointed administrator for PMC Bank had moved the metropolitan court seeking its direction to sell movable assets attached by probe agencies.
The EOW has already given its consent to dispose of these properties earlier.
The ED, in it's reply filed through its counsel Kavita Patil, said it had no objection for disposal of two airplanes and a yacht by the PMC administrator.
However, with regards to sale of other seized items, the ED said application will have to made before adjudicating authorities as per provisions of PMLA Act, it said.
Chief Metropolitan Magistrate RK Rajebhosale is likely to pass an order on Monday.
The plea of the PMC administrator, filed through advocate Ramesh Dube-Patil, had submitted that mortgaged and hypothecated assets of the accused are inadequate to satisfy the loan along with due interest.
Hence it would be in the "interest of justice" to allow the the administrator to dispose of attached movable assets, the application said.
The accused have also requested to dispose of the movable assets through their letter dated Oct. 16, 2019, the administrator's application added.
So far, nine persons have been arrested in connection with the alleged Rs 4,355-crore scam including three top bank officials and two promoters of HDIL—Rakesh and Sarang Wadhawan—and auditors.
The EOW had registered a case accusing the PMC bank management of colluding with the Wadhawans to conceal the scrutiny of loan defaults by HDIL from banking regulators.
The ED case of money laundering was based on the FIR registered by the EOW.