New Delhi: In the Punjab and Maharashtra Co-operative Bank (PMC Bank) scam, the Enforcement Directorate has seized assets worth more than Rs 100 crore. These assets belong to Rakesh Wadhwan, chairman of Housing Development and Infrastructure Limited (Rakesh Wadhwan) and his son Sarang Wadhwan. The agency has sealed three HDIL hotels in Delhi. Their market value is around 100 crores. According to the information given by the authorities, so far 360 crore related to HDIL has been seized.
The Enforcement Directorate has already seized in the Punjab and Maharashtra Co-operative Bank (PMC Bank) case. Earlier in October 2019, raids were conducted in 6 places in Mumbai. The ED had seized 12 high-class vehicles including Rolls Royce, Range Rover and Bentley, belonging to HDIL.
This is how the scam was executed
Promoters of PMC bank are accused of scam of thousands of crores of rupees. In fact, PMC Bank Management wrongly loaned thousands of crores of rupees to the realty company HDIL (Housing Development and Infrastructure Limited). It is alleged that such a huge amount was given intentionally ignoring the RBI guidelines.
According to the Crime Branch of Mumbai Police, up to 70 percent of the total loans given by PMC Bank were given to HDIL. It also included account holders’ money. In such a situation, due to the default of HDIL, the money of the account holders also sank. Now hundreds of bank depositors are forced to stumble from rate to rate.
