Bank fraud case: ED attaches Rs 40.37 crore of Vikram Homes Pvt Ltd linked to Rakesh Wadhawan, Sarang Wadhaan

New Delhi [India], April 5 (ANI): The Directorate of Enforcement (ED) attached worth Rs 40.37 crore of Vikram Homes Pvt Ltd in a bank fraud case related to Rakesh Wadhawan and Sarang Wadhawan, promoters of Housing Development Infrastructure Ltd (HDIL) and others linked to one Mack Star Marketing Pvt Ltd.

The attached assets are in the form of one commercial property, which consists of office units bearing numbers 701, 702, 703 and 704 with lobby and passage total measuring approximately Rs 3,958.15 square metre carpet area in Kaledonia Building, Andheri East, Mumbai.

The ED’s Mumbai Zonal office took action under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The probe agency initiated an investigation based on an FIR registered by the Central Bureau of Investigation (CBI), Mumbai, under various sections of the Indian Penal Code and Prevention of Corruption Act, 1988 against Rakesh Wadhawan and Sarang Wadhawan Promoters of HDIL and others, for siphoning off the loan to the tune of Rs 200 crore sanctioned by Yes Bank to Mack Star Marketing Pvt Ltd.

“Based on a complaint filed by Mack Star Marketing Pvt Ltd, NM Joshi Marg police station in Mumbai, registered a fresh FIR under various sections of IPC wherein it is alleged that Wadhawans had illegally and fraudulently sold several office units in Kaledonia building owned by Mack Star Marketing Pvt Ltd, causing loss to Mack Star of more than Rs 300 crore,” the ED said in a statement.

The allegation made in the FIR is also being investigated by the ED along with the detailed FIR of the CBI.

The ED investigation revealed that Wadhawans illegally and fraudulently transferred one commercial property of Mack Star located in the Kaledonia building in Mumbai to Vikram Homes Pvt Ltd, a company owned by Late Satya Pal Talwar and Dharam Pal Talwar, without any actual payment to Mack Star.

The ED further said Rakesh Wadhawan and Sarang Wadhawan cheated Mack Star Marketing Pvt Ltd by illegally selling the above-mentioned properties without the consent of the majority shareholder (DE Shaw Group which holds 83.36 per cent shares) of Mack Star Marketing Pvt Ltd causing a loss to Mack Star.

Earlier, the probe agency attached properties worth Rs 203.99 crore, bringing the total to Rs 244.36 crore.