PMC-HDIL case: ED files add'l chargesheet on 1.7k-acre lands
The recent chargesheet involves a part of an approximately 1,700 acre land parcels in Sindhudurg district, which the agency has already attached and requested the court for confiscation.
In the chargesheet, the ED accused Rakesh Wadhawan and Sarang Wadhawan, along with others, of using money defrauded from PMC Bank to purchase the agriculture lands in benami names, including their employees. They intended to offer the lands at a higher rate for the proposed Vijay Durg port project, which did not materialise due to the ED's action.
The state govt is keen to develop the port, and discussions suggested that through restitution, the land would revert to PMC Bank. With the consent of the ED, PMC Bank may explore the possibility of handing it over to the state for the port project while protecting its financial interests.
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The ED's investigation is into the money laundering case connected to the PMC Bank-HDIL loan fraud case where earlier the ED investigated Joy Thomas and Waryam Singh, board members of PMC Bank, alongside HDIL's Rakesh Kumar Wadhawan and son Sarang, among others.
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It is alleged that the managing director of PMC Bank and other members of the board of directors of HDIL, in connivance, falsified the books of PMC Bank. They allegedly fraudulently replaced 44 loan accounts with 21,049 fictitious loan accounts, causing a wrongful loss of Rs 4,355 crore to PMC Bank and corresponding gains to themselves and others.
So far, the ED has provisionally attached assets worth over Rs 772 crore in the case and filed four chargesheets naming a total 46 accused. The ED said, "The present supplementary chargesheet further strengthens the case by establishing the money trail from HDIL accounts for land acquisition in Sindhudurg through benamidars led by Mukesh Khadpe." During the investigation, the ED found Wadhawans diverted proceeds of crime from the bank accounts of HDIL and its group of companies, "to various persons/entities to acquire huge agricultural lands from several villagers in Sindhudurg district in the benami names of farmers/employees, led by accused Mukesh Khadpe".
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