In a bank fraud case involving Rakesh and Sarang Wadhawan, Promoters of HDIL and others, and others, the Directorate of Enforcement (ED), Mumbai Zonal Office has issued a Provisional Attachment Order in accordance with the provisions of the Prevention of Money Laundering Act (PMLA), 2002, attaching assets worth Rs. 40.37 Crore of M/s Vikram Homes Pvt. Ltd. The assets that are attached are a single commercial property that consists of office units with the numbers 701, 702, 703, and 704 together with a lobby and corridor that combined have a total carpet area of about 3958.15 square meters at the Kaledonia Building in Andheri East, Mumbai.
Based on a formal complaint filed with the CBI (ACB), Mumbai, the ED began an investigation under the Prevention of Corruption Act 1988 and various sections of the Indian Penal Code, 1860, against Rakesh and Sarang Wadhawan, the Promoters of HDIL, and others for embezzling a loan of Rs. 200 Crore that Yes Bank had approved to one M/s Mack Star Marketing Pvt. Ltd.
Additionally, NM Joshi Marg Police Station in Mumbai filed a fresh FIR under various sections of the Indian Penal Code, 1860, based on a complaint filed by M/s Mack Star Marketing Pvt. Ltd. The complaint alleges that Wadhawans sold several office units in the Kaledonia building, which is owned by M/s Mack Star Marketing Pvt. Ltd., illegally and fraudulently, causing Mack Star to suffer wrongful losses exceeding Rs. 300 Crore. Along with the CBI’s above-mentioned full FIR, the ED is also looking into the allegations contained in this FIR.
The Wadhawans illegally and fraudulently transferred one of Mack Star’s commercial properties, located in the Kaledonia building in Andheri East, Mumbai, to M/s Vikram Homes Pvt. Ltd, a company owned by Late Satya Pal Talwar & Dharam Pal Talwar, without actually paying Mack Star for the property, according to an ED investigation. Rakesh and Sarang Wadhawan thereby defrauded M/s Mack Star Marketing Pvt. Ltd. by selling the aforementioned properties illegally and without the approval of the company’s primary shareholder, DE Shaw Group, which owns 83.36% of the company’s shares. Mack Star suffered as a result.
Earlier, properties valued at Rs. 203.99 crore were attached by ED. At now, the total attachment in this case is Rs 244.36 crore. Additional research is currently being conducted.
