New Delhi: The Enforcement Directorate seized one of the most fabulous fleets of cars in India, owned by founders of the realty major the Housing Development & Infrastructure Ltd (HDIL) arrested in the Rs6,500 crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case.
The fleet includes two Rolls Royce Phantom cars, an ultra-luxury Bentley Continental and high-end BMW, Mercedes, Jaguar and Land Rover SUVs. HDIL chairman Rakesh Kumar Wadhawan and his son and managing director Sarang Wadhawan were arrested on Friday.
The ED also questioned the Wadhawans on the Falcon 2000 business jet and a luxury yacht Ferretti 881, owned by Rakesh’s second son Sunny. The Ferretti, approximately valued over Rs 60 crore, was bought by Sunny and his wife Anu through their erstwhile company Sapphire Yachts and Marine Service Private Limited.
The ED had carried out raids at six places in Mumbai, including the head office of HDIL in Bandra (East) and the residence of Rakesh Wadhawan which is known as Wadhawan House in Bandra (West). The agency also raided the premises of Waryam Singh and former PMC Bank Managing Director Joy Thomas.
During probe by the Reserve Bank of India, it has been found that directors of PMC Bank had replaced 44 suspicious loan accounts with 20,149 fictitious bank accounts whose individual balances were low.
The 44 borrower accounts allegedly linked to HDIL were masked by tampering with bank software. The PMC Bank’s former Managing Director Joy Thomas was behind the masking of the borrowers’ accounts.
