₹77 cr. assets in Yes Bank loan case involving HDIL promoters attached

The Enforcement Directorate has attached assets value ₹77.65 crore in a financial institution fraud case allegedly involving the promoters of the Housing Development Infrastructures Limited (HDIL), taking the worth of the attachment thus far to ₹147.49 crore.

The assets, together with 5 industrial properties unfold throughout 32,300 sq. ft. and two residential flats in Mumbai, belong to Sunlight Housing Development Private Limited (SHDPL) and its administrators.

The ED probe relies on an FIR registered by the CBI alleging that ₹200 crore sanctioned by the Yes Bank to 1 Mack Star Marketing Private Limited was siphoned off. The case entails HDIL promoters, Rakesh Wadhawan and his son, Sarang. Among the opposite accused is former PMC Bank chairman Waryam Singh.

The company stated the attached industrial properties had been earlier owned by Mack Star and so they had been fraudulently transferred to 1 Mukesh Doshi by way of his firm SHDPL, at a “wrongful loss” of ₹77.65 crore, with out making any cost. The consent of Mack Star’s majority shareholder, DE Shaw Group, was additionally not taken for the aim.

To evade detection, the HDIL — in connivance with the SHDPL — made 223 transactions amounting to ₹994 crore with one another’s affiliate firms on a single day, in such a way as to mission that cash had been paid for buying the properties. The funds had been round-tripped and finally, the properties obtained transferred to the SHDPL freed from price, as alleged.

The ED had already initiated a separate money-laundering probe towards the HDIL, the Wadhawans, Joy Thomas, then chairman-cum-managing director of the PMC Bank and others, on the idea of an FIR instituted by the Mumbai police’s Economic Offences Wing. In that case, properties value ₹366.30 crore have been attached and assets valued ₹63.78 crore seized.