Virar MLA-owned real estate firm under ED net in HDIL bank fraud case
In the Housing Development Infrastructures Ltd (HDIL) bank fraud case, the Enforcement Directorate (ED) today conducted searches in five premises of Viva Group and its associates.
The premises searched included registered office of Viva Group in Virar, residential premise of concerned person of Viva Group in Virar, one associated office premise of Viva Group in Andheri and two residential premises of two financial consultants of Viva Group in Juhu and Chembur. During the search, Rs 73 lakh cash, incriminating digital and documentary evidences have been recovered.
ED investigations have revealed that HDIL promoters – Rakesh Wadhawan and  Sarang Wadhawan – had diverted more than Rs 160 crore to many companies and entities of Viva Group in the garb of commission. This amount is found to be borrowed from PMC Bank.
Viva Group is owned by Virar MLA Khsitij Hitendra Thakur.
The HDIL promoters are main accused in the PMC Bank fraud case. ED is investigating Wadhawans along with PMC Bank’s chairman Waryam Singh and Managing Director Joy Thomas for causing the bank wrongful loss to the tune of Rs 4,355 crore
ED has already attached several properties of Rakesh Kumar Wadhawan and Wadhawan Family trust and others valued at ₹ 293 crore, and seized jewelry worth Rs 63 crores. Prosecution complaint has been filed against Rakesh Kumar Wadhawan and others under PMLA.
ED has also initiated investigation in another case against Rakesh Wadhawan and Sarang Wadhawan Promoters of HDIL and others for siphoning off the loan of ₹ 200 Crore sanctioned by Yes Bank to one Mack Star Marketing Pvt. Ltd. This loan was siphoned by Wadhawans by showing it for fictitious purpose.
During investigation under PMLA, it is revealed that Wadhawans illegally and fraudulently transferred two commercial properties of Mack Star in Kaledonia building, Andheri East, Mumbai valued at ₹ 34.36 crore to Viva Holding a company of Viva Group.
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For the transfer of the two properties, two separate sale agreements dated 26 June 2017 were prepared wherein sale value for both the subject commercial properties were shown as 34. 36 crore. In the agreements, the purchase amount were shown to be paid through 37 cheques by Viva Holding to Mack Star Marketing Pvt against the purchase of the properties. Investigation has revealed that these cheques were never en-cashed in the account of Mack Star and Viva Holding never made payments for the purchase of the said property to Mack Star. Wadhawans had illegally transferred these properties to Viva Group in violation of the article of association with Mackstar. Besides, Viva Holding never showed these properties in its Balance Sheets.
