The Enforcement Directorate (ED) has attached assets worth ₹36.66 crore belonging to Rakesh Wadhawan and Sarang Wadhawan of Veena Developers under provisions of the Prevention of Money Laundering Act, 2002, in a bank fraud case.
The fraud case involves Rakesh Wadhawan and Sarang Wadhawan, who are the promoters of Housing Development Infrastructure Ltd. (HDIL), along with other individuals associated with Mack Star Marketing Private Limited.
The ED, in a press release on Saturday, stated that the attached assets are in the form of commercial properties consisting of two office units admeasuring approximately 22,366 square feet in Andheri east’s Kaledonia building as well as shop numbers 1 through 27 which cover a total carpet area of 3,541.79 square feet located in Veena Velocity Phase II in Maharashtra’s Palghar district.
“The ED initiated investigation based on of an FIR registered CBI (ACB), Mumbai under various sections of IPC, 1860, 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 ₹200 crore sanctioned by Yes Bank to one M/s Mack Star Marketing Pvt. Ltd. Further on the basis of a complaint filed by M/s Mack Star Marketing Pvt. Ltd, N.M. Joshi Marg Police Station, Mumbai, registered a fresh FIR under various sections of IPC, 1860 wherein it is alleged that Wadhawans had illegally and fraudulently sold several office units in Kaledonia building owned by M/s Mack Star Marketing Pvt. Ltd, causing wrongful loss to Mack Star of more than ₹300 crore,” ED officials said.
The allegations made in this FIR are also being investigated by the ED along with the detailed FIR of CBI. The Wadhawans also illegally and fraudulently transferred one commercial property of Mack Star located in Kaledonia building, Andheri East, Mumbai to M/s Vikram Homes Pvt. Ltd, company which is owned by late Satya Pal Talwar and Dharam Pal Talwar, without making any payment to Mack Star, mentioned the ED investigation.
“Thus, Rakesh Wadhawan and Sarang Wadhawan cheated the M/s Mack Star Marketing Pvt. Ltd. by illegally selling the properties without the consent of the majority shareholder [D.E. Shaw Group which holds 83.36% shares] of M/s Mack Star Marketing Pvt. Ltd. causing loss to Mack Star,” ED officials said.
The ED had earlier attached properties worth ₹244.36 crore in the case, bringing the total worth of the attached assets at ₹281.02 crore. Further investigation is under progress, ED officials informed.
