New Delhi [India], February 23 (ANI): The Enforcement Directorate has attached immovable properties worth Rs 13.20 crore of SGS Group in an alleged bank loan fraud of Rs 6,117.93 crore, the agency said on Friday.
The properties attached are in the form of shops in SGS Mall Pune, held by the SGS Group. The assets were attached under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
As per the agency, the bank loan fraud estimated at Rs 6117.93 crore (principal Rs 2,540.92 crore and interest Rs 3,577.01 crore) is against Punjab and Maharashtra Co-operative Bank (PMC) by Housing Development and Infrastructure Pvt Ltd (HDIL), its promoters and other co- accused and accomplices.
ED initiated an investigation on the basis of FIR filed by PMC against Joy Thomas, Waryam Singh (Directors of PMC Bank), Rakesh Kumar Wadhawan, Sarang Wadhawan and unknown other persons invoking various sections of IPC, 1860.
The ED investigation revealed that HDIL and its group companies availed of the OD or credit facility, from the PMC Bank.
“Despite repeated defaults in payments by HDIL and its group companies, the OD limits were enhanced from time to time to avoid them being classified as Non-Performing Assets (NPA),” said the ED.
Further, the ED investigation also revealed that Rakesh Wadhawan and his son Sarang Wadhawan were the main directors and promoters and were authorized to operate all the bank accounts of HDIL and its group companies.
“All the key decisions of the companies were taken by them. In connivance with other accused and accomplices, they have layered the proceeds of crime into the bank accounts of HDIL and it’s group companies, which were under their direct/ indirect control. They have also diverted the proceeds of crime into their personal bank accounts and the bank accounts of their close associates to acquire assets,” said the federal agency.
During scrutiny of the bank accounts of HDIL Group, an investigation revealed that HDIL had siphoned off proceeds of crime while keeping PMC Bank in the dark and parked these proceeds of crime funds with SGS Group to project the same as untainted, it said.
Earlier, on October 17, 2019, the main accused persons, Rakesh Kumar Wadhawn and his son Sarang Wadhawan, were arrested and both are currently under judicial custody.
After instant attachment, ED has identified and attached proceeds of crime totaling Rs 675.27 crore under the provisions of PMLA, 2002. Also, a prosecution complaint and two supplementary complaints have been filed against them and 36 other people and entities so far. (ANI)
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