The Enforcement Directorate (ED) sleuths on Friday, October 4, carried out searches at six locations in Mumbai and the neighbouring areas in connection with the Punjab and Maharashtra Co-operative (PMC) Bank fraud case.
The investigative agency has filed a money laundering case in the Rs 4,355 crore PMC Bank fraud and also registered an Enforcement Case Information Report (ECIR), equivalent to FIR, against crisis-hit real estate firm Housing Development and Infrastructure Ltd (HDIL) and its promoters.
The complaint has been filed under various sections of Prevention of Money Laundering Act (PMLA). A probe into the matter has also been initiated.
Rakesh Wadhawan, executive chairman of HDIL, and his son Sarang, vice-chairman and MD of the group, have been named in the case filed by ED.
The ED has started probed taking cognizance of Mumbai Police's economic offences wing (EOW) FIR into the matter.
On Thursday, Mumbai Police had arrested Rakesh Wadhawan and his son Sarang over their alleged role in the PMC bank fraud. Both father and son were summoned to the EOW office of Mumbai Police and when the sleuths found that they were not cooperating in the probe, they arrested them.
"We have arrested the two accused and their interrogation is on," said EOW chief Rajvardhan Sinha had said.
It is alleged that HDIL, which is facing bankruptcy proceedings, and its group companies had taken huge loans from PMC Bank.
The FIR was filed by by Jasbir Singh Matta, manager, recovery department, of PMC Bank. It is also alleged that as many as 21,049 fictitious bank accounts were allegedly created to hide the loans, which were disbursed in violation of the Reserve Bank of India norms.
(With agency inputs)
