Dikhyaa Mohanty 
In a bank loan fraud case involving Punjab & Maharashtra Co-operative Bank (PMC), the Enforcement Directorate (ED) has temporarily attached 413 agricultural land parcels in accordance with the PMLA’s provisions, an official stated on Tuesday. The registered value of the land parcels that were attached was Rs 52.90 crore. Based on the FIR that the EOW, Mumbai Police, had filed under several IPC sections against Joy Thomas, Waryam Singh (Directors of PMC Bank), Rakesh Kumar Wadhawan, Sarang Wadhawan, and other unidentified individuals, the ED had opened an inquiry.
“Housing Development & Infrastructure Pvt Ltd (HDIL), its promoters, and other co-accused/accomplices perpetrated a fraud resulting in a loss of Rs 6,117.93 crore against Punjab & Maharashtra Co-operative Bank (PMC),” the ED said in a statement on Tuesday.
The ED investigation also found that between 2010 and 2013, Sarang and Rakesh Wadhawan, the promoters of HDIL, transferred proceeds of crime totaling Rs 82.30 crore to the bank accounts of 39 farmers for the purpose of purchasing land through their subsidiary companies, Privilege Power and Infrastructure Limited and Privilege Hi-Tech Infrastructure Limited. According to the agency, Sarang Wadhawan convinced farmers to purchase properties in their names and give the ownership to HDIL group firms in exchange for commissions and other incentives, working along with his employee Mukesh Khadpe.
Land acquisitions also involved cash transactions. Prior to this, on October 17, 2019, Rakesh Kumar Wadhawan, the main accused, and his son Sarang Wadhawan were taken into custody for their roles in the money laundering crime. They have already been the target of two further complaints and a prosecution complaint, together with 36 other people or businesses. Under the terms of the PMLA, the ED has so far attached assets worth a total of Rs 719.11 crore.
