Rolls Royce Phantom to Bentley Continental: Super luxury cars that were seized from Wadhawans in PMC Bank case

PMC bank fraud case: Following raids at six locations on Friday in connection with the Housing Development and Infrastructure Limited (HDIL) money laundering case, the Enforcement Directorate seized 12 high-end cars among other things owned by HDIL chairman Rakesh Wadhawan and his son Sarang Wadhawan. The cars include two Rolls Royce Phantom, an ultra-luxury Bentley Continental and a couple of high-end BMW, Mercedes, Jaguar and Land Rover SUVs. The ED had filed a money laundering case against the HDIL promoters in the Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank fraud case. The financial investigating agency is looking for the details of the other 18 companies linked to HDIL during the raids in Mumbai. The ED carried out raids at six places, including HDIL's head office at Bandra (East) and residence of Rakesh Wadhawan, which is known as Wadhawan House at in Bandra (West). The financial investigating agency also raided premises of former PMC Bank chairman Waryam Singh and present MD Joy Thomas. The ED also questioned the Wadhawans on the Falcon 2000 business jet and a luxury Yatch, Ferretti 881, approximately priced at above Rs 60 crore, owned by Rakesh Wadhawan's son Sunny Wadhawan and his wife Anu Wadhawan. The financial probe agency has said that it will look into all the deals the company had made since its inception. HDIL was one of the sponsors of IPL team Kolkata Knight Riders. The company was also the organiser of a fashion event - HDIL Couture Week India. Reportedly, ED is also probing the bank accounts held by Anu Wadhawan, known for throwing Bollywood's most extravagant parties in Mumbai and abroad. The investigating agency is also looking into the accounts of Privilege Holding and Investment Private Limited (PHIL) suspected of being associated with funds received from PMC Bank. Anu Wadhawan was appointed Director in PHIL on March 27, 2016. Meanwhile, former absconding Chairman of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd, S. Waryam Singh, has been nabbed by the Economic Offences Wing of Mumbai Police on Saturday. Waryam Singh, 68, who was missing since the irregularities in the PMC Bank tumbled out two weeks ago, was traced to a location in Mahim where he was in hiding. Rakesh Wadhawan and Sarang Wadhawan, are already in police custody. In the FIR registered on Monday against Rakesh Wadhawan, Sarang Wadhawan, present MD Joy Thomas, and Waryam Singh, police said the actions of the accused allegedly led to bank losses totalling Rs 4,355.46 crore. Police had first registered an offence on a complaint from the RBI following the collapse of the bank. What is PMC bank crisis: It is alleged that HDIL, which is facing bankruptcy proceedings, and its group companies had taken huge loans from PMC Bank. The FIR with Mumbai police was filed by by Jasbir Singh Matta, manager, Recovery Department, of PMC Bank. It is alleged that as many as 21,049 fictitious bank accounts were allegedly created to hide the loans, which were disbursed in violation of RBI norms. It is also alleged that HDIL accounted for nearly 73 per cent of the bank's total loans. Out of the Rs 4,355 crore of loans under the scanner, around Rs 2,146 crore were transferred to accounts held by the Wadhawans. An account belonging to Wadhawan had a balance of Rs 2,009 crore on August 31, 2019, according to the FIR. During probe by the Reserve Bank of India, it has been found that directors of PMC Bank had replaced 44 suspicious loan accounts with 20,149 fictitious bank accounts whose individual balances were low. The 44 borrower accounts were allegedly linked to HDIL were masked by tampering with bank software. The PMC Bank's Managing Director Joy Thomas was behind the masking the borrower account. (With IANS inputs) ALSO READ | PMC Bank Chairman Waryam Singh sent to police custody till October 9 ALSO READ | PMC Bank Chairman Waryam Singh arrested by Mumbai Police ALSO READ | Big revelation: PMC Bank created over 21,000 fake accounts to hide defaults by HDIL ALSO READ | PMC Bank crisis: Former MD Joy Thomas arrested; ED conducts raids

Rolls Royce Phantom to Bentley Continental: Super luxury cars that were seized from Wadhawans in PMC Bank case

PMC bank fraud case: The cars include two Rolls Royce Phantom, an ultra-luxury Bentley Continental and a couple of high-end BMW, Mercedes, Jaguar and Land Rover SUVs.

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