ED attaches Rs 34-cr property of Mumbai-based builder in HDIL bank fraud case
Directorate of Enforcement (ED) has issued a provisional order for attachment of assets worth Rs 34.36 crore of Viva Holding (a company of Viva Group) in bank fraud case involving Housing Development Infrastructures Ltd. (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan. The attached assets include two commercial properties measuring 15,000 sq. m area in Kaledonia building, Andheri East, Mumbai.
During investigation under Prevention of Money Laundering Act, ED found that Wadhawans fraudulently transferred the two commercial properties of Mack Star in Kaledonia building to Viva Holding. For the transfer of the properties, two separate sale agreements dated 26 June 2017 were prepared wherein sale value for both the properties were shown as Rs 34.36 crore in total.
In the sale agreement, the purchase amount were shown to be paid vide 37 cheques by Viva Holding to Mack Star Marketing Pvt. Ltd. against the purchase of the said properties. Investigation has, however, 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 to the article of association of Mackstar. Further, Viva Holding never showed these properties in its balance sheets.
Earlier, ED had conducted searches at the five premises of Viva Group and its associates located in Mumbai and arrested Mehul Thakur and Madan Chaturvedi in this case. Now ED attached assets worth Rs 34.36 crore of Viva Holding.
ED had initiated investigation against Rakesh Wadhawan and Sarang Wadhawan Promoters of HDIL and others on the basis of an FIR registered by CBI (ACB), Mumbai for siphoning off the loan to tune of Rs 200 Crore sanctioned by Yes Bank to M/s Mack Star Marketing Pvt. Ltd.
ED has already initiated investigation under PMLA against HDIL, Rakesh Wadhawan, Sarang Wadhawan, and Joy Thomas, CMD of PMC bank Ltd and others on the basis of FIR registered by Economic Offences wing of Mumbai Police for causing wrongful loss to the tune of Rs 4,355 Crore to PMC Bank.
The agency has so far attached properties worth Rs 366.3 crore along with seizure of Rs 63.78 crore value.
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