The assets of the scam tainted HDIL promoters Rakesh and Sarang Wadhawan were provisionally attached by the Directorate of Enforcement (ED), Mumbai Zonal Office under the provisions of the Prevention of Money Laundering Act on Friday.
The attached assets worth Rs. 40.37 Crore of Vikram Homes Pvt. Ltd in Bank Fraud case pertaining to Rakesh Wadhawan and Sarang Wadhawan, Promoters of HDIL are in the form of a commercial property consisting of office units bearing nos. 701, 702, 703 & 704 together with lobby & passage total admeasuring 3958.15 sq/ meters carpet area in Kaledonia Building, Andheri East, Mumbai.
ED had initiated investigation on the basis of an FIR registered CBI (ACB), Mumbai the against the Wadhawan father and son duo for siphoning off the loans of Rs. 200 Crore sanctioned by Yes Bank to Mack Star Marketing Pvt. Ltd.
Another case was registered with Mumbai Police on complaint filed by Mack Star Marketing against the Wadhawans for fraudulently sale of several office units in Kaledonia building owned by Mack Star Marketing and causing wrongful loss of Rs. 300 Crore.
ED investigation revealed that Wadhawans had fraudulently transferred a commercial property of Mack Star located in Kaledonia building to Vikram Homes owned by Late Satya Pal Talwar & Dharam Pal Talwar without any actual payment to Mack Star. Rakesh Wadhawan and Sarang Wadhawan cheated Mack Star Marketing by illegally sale of properties without the consent of the majority shareholder DE Shaw Group holding 83.36% shares of Mack Star Marketing.
ED had earlier attached properties worth Rs. 203.99 Crore. A total of Rs 244.36 crore worth of assets have attached till date in the case.
