In conjunction with Rs 4355 crew scam at Punjab and Maharashtra Cooperative Bank (PMC) reportedly committed by Rakesh Wadhawan and Sarang Wadhawan, PMC Bank fraud: Enforcement Directorate provisionally attaches Rs 35.48 crore
The probe agency has provisionally allocated property under the Prevention of Money Laundering Act 2002 of Priti Shroff and Raj Shroff, the founders of Jindal Combines Pvt. Ltd and Orlánd Trading Pvt. Ltd. (PMLA).
ED is based on the FI Rs 200 loans, allegedly approved by Yes Bank Ltd to HDIL’s affiliate, Mack Star Marketing Pvt. Ltd., reported by the Central Bureau of Investigation (CBI) on Rakesh and Sarang Wadhawan. According to the ED Sonde, this loan was used to evergreen HDIL’s Yes Bank accounts
To date, the ED has added assets valued at Rs 366,3 crore and other 63,78 crores in the case of PMC.
“With the agreement of Mock Star’s majority shareholder (DE Shaw Group which holds 83.36%) with very low price leading the company to lose,” said ED Wadhawan Rakesh and Sarang Wadhawan, cheated Mack Star Marketing by illicit sales of certain assets.”
After financial irregularities in the operating, hiding and classification of HDIL loans have been discovered by the Reserve Bank of India (RBI) under regulatory restricts. Over Rs, 6200 crores have been exposed to HDIL by the bank. The Bank’s Board was replaced by RBI, and a manager was named.