PMC bank scam: ED finds 22-room home during raid on Wadhwans

Updated: Oct 08, 2019, 07:39 IST | Faizan Khan | Mumbai

The luxurious bungalow of HDIL directors Rakesh Kumar Wadhawan and his son Sarang Wadhawan is spread over 2.5 acres in Alibaug

The Wadhwans' plush bungalow in Alibaug
The Wadhwans' plush bungalow in Alibaug

The Enforcement Directorate (ED) on Monday raided two locations in relation with the case against HDIL directors Rakesh Kumar Wadhawan and his son Sarang Wadhawan, who are currently in custody of Mumbai police's Economic Offences Wing (EOW). The ED is investigating the Punjab Maharashtra Cooperative (PMC) bank in the Rs 4,355-crore money laundering case.

According to sources, properties of Wadhawans' close associates were raided on Monday. The ED has found documents which suggest that the owners of Housing Development and Infrastructure Ltd (HDIL) gifted a number of houses to politicians in some of Maharashtra's prime locations. However, the agency is not disclosing the names of any politicians as they are yet to get the custody of the accused.

"The documents and details need to be verified with the people concerned. As per the documents, the politicians held portfolios in the government from 2004 to 2013," said an officer privy to the investigation on the condition of anonymity.

Car
Some of their high-end cars

While carrying out a raid at Alibaug, officials found a huge luxurious bungalow that had 22 fully-furnished rooms. The property is spread over 2.5 acres. Besides, 15 cars including an Audi, a Toyota Fortuner, and an Innova, a speedboat, and two golf carts were found inside the bungalow. The ED was in the process of attaching the property on Monday.

On Saturday, the ED attached a Falcon 2000 business jet belonging to Rakesh and Sarang. Other seized items include two Rolls Royce Phantoms, an ultra-luxury Bentley Continental and a couple of high-end BMWs, Mercedes, Jaguars and Land Rover SUVs belonging to the Wadhwans in Mumbai.

If sources are to be believed, the ED is in touch with Maldivian authorities to attach the Wadhwans' private yacht anchored there. Whereas, the EOW, investigating the case separately, has said that it has seized HDIL property worth Rs 4,000 crore.

15
No. of cars including an Audi, a Toyota Fortuner, an Innova found at the bungalow 

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