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The Hindu
The Hindu
National
The Hindu Bureau

ED attaches immovable assets of a hotel worth ₹44 crores under money laundering case

ED PMC the Enforcement Directorate Hyderabad Mumbai

The Enforcement Directorate (ED), Mumbai, on Saturday said that they have provisionally attached immovable properties consisting of 2nd, 3rd, 4th and 5th floor of Hotel One Continent at King Koti Road, Sultan Bajaar, Abids, Hyderabad, to the extent of ₹43.84 crore under the provisions of Prevention of Money Laundering Act (PMLA), 2002, in loan fraud case of the Punjab and Maharashtra Cooperative (PMC) Bank.

The ED initiated investigation on the basis of a First Information Report filed by the PMC against Joy Thomas, Waryam Singh (Directors of PMC Bank), Rakesh Kumar Wadhawan, his son Sarang Wadhawan and unknown other persons under various Sections of the Indian Penal Code, 1860.

The Housing Development and Infrastructure Pvt. Ltd. (HDIL), its promoters and other co-accused/accomplices committed a fraud by causing loss of ₹6,117.93 crore (principal ₹2,540.92 crore and interest ₹3,577.01 crore) against the PMC, said ED officials in a statement.

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