New Delhi, April 10 : The Enforcement Directorate (ED) on Friday said that it has attached properties worth Rs 77.65 crore of Sunlight Housing Development Private Ltd and its directors in connection with its money laundering probe into the Mack Star bank fraud case of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, and others.
An ED official said that the agency attached movable and immovable assets in the form of five commercial properties admeasuring approximately 32,300 square feet area in Kaledonia building, Andheri (East), Mumbai and two residential flats admeasuring approximately 3,960 square feet area each, located at Atlantis Building, Andheri (W), Mumbai and movable assets in form of seized cash of Rs 1.40 crore under the Prevention of Money Laundering Act (PMLA).
The ED registered a case of money laundering on the basis of an FIR registered by the CBI for siphoning off the loan to the tune of Rs 200 crore sanctioned by Yes Bank to Mack Star Marketing Pvt Ltd, by showing it for fictitious purpose.
Earlier, the ED initiated a probe against Housing Development Infrastructures Ltd (HDIL), the Wadhawans, and Joy Thomas, who is CMD of PMC Bank Ltd, and others on the basis of FIR registered by Economic Offences Wing of Mumbai Police.The ED has already attached properties worth Rs 366.3 crore along with seizure of Rs 63.78 crore.
The official said that during investigation, it was revealed that the seven commercial properties in Kaledonia building, owned by Mack Star, were fraudulently sold or transferred to Mukesh Doshi through his company, Sunlight Housing Development Pvt Ltd(SHDPL) at wrongful loss to Mack Star worth Rs 77.65 crore approximately by Wadhawans in connivance with SHDPV and its Director.
“Thus, Rakesh Wadhawan and Sarang Wadhawan cheated the Mack Star Marketing Pvt Ltd.by illegally selling above said properties without consent of the majority shareholder (DE Shaw Group which holds 83.36 per cent shares) of Mack Star Marketing Pvt Ltd and without receiving any consideration causing loss to Mack Star,” he said.
The official said that further to make the transactions look genuine, HDIL, in connivance with SHDPL, made 223 transactions, totally amounting to Rs 994 crore with each other’s associate companies, each amounting to approximately Rs 5 crore, on a single day for layering monies as to show monies have been paid for purchases of said properties.
The official highlighted that at the end, Rs 5 crore also came back and thus, SHDPL received this property free of cost.
The ED till date has now attached properties to the tune of Rs 147.49 crore in the case
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