PMC Bank scam: ED attaches HDIL Group’s shares worth Rs 233 crore

Enforcement Directorate has attached partly paid Compulsorily Convertible Preference shares of HDIL group companies totalling Rs 233 crore under the provisions of Prevention of Money Laundering Act 2002 in PMC bank scam. 

New Delhi: Enforcement Directorate has attached partly paid Compulsorily Convertible Preference shares of HDIL group companies totalling Rs 233 crore under the provisions of Prevention of Money Laundering Act 2002 in PMC bank scam.  On the strength of these shares, HDIL has the right for allotment of under-construction flats admeasuring 90,250 Square feet FSI in Ghatkopar, Mumbai of the developer M/s Aryaman Developers P Ltd. The developer has given an undertaking to ensure not to sell/transfer/alienate or create any third party rights thereon on completion of the project. ED initiated an investigation under PMLA on the basis of FIR dated 30.09.2019 registered by Economic Offences Wing, Mumbai Police under the provisions of Indian Penal Code, 1860 against Joy Thomas (Managing Director) of PMC Bank, Waryam Singh (Chairman), Sarang Wadhawan, Rakesh Kumar Kuldip Singh Wadhawan of M/s. Housing Development Infrastructures Ltd (hereinafter known as HDIL) and promoters & executives of M/s Somerset Construction Pvt Ltd, Serveall Construction Pvt Ltd, Sapphire Land Development Pvt Ltd, Emerald Realtors Pvt Ltd, Awas Developers & Construction Pvt Ltd, Prithvi Realtors and Hotels Pvt Ltd, Satyam Realtors Pvt Ltd and others for causing wrongful loss to the tune of Rs.4355 Crore to PMC Bank and corresponding gain to themselves.