Recent Rs 140 Crore Financial institution Fraud Case Towards HDIL Promoters Wadhawans


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The Wadhawans have been booked by the CBI in October 2020 in alleged mortgage fraud. (File)

New Delhi:

The CBI has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in a brand new financial institution fraud case involving an quantity of Rs 140 crore pertaining to their subsidiary Guruashish Development, officers mentioned in the present day.

The recent motion was initiated on a criticism from the Union Financial institution of India in opposition to the businessmen who’re embroiled in a Rs-4,300 crore Punjab and Maharashtra Cooperative (PMC) Financial institution rip-off case, they mentioned.

The financial institution has alleged that Guruashish Development was a wholly-owned subsidiary of Housing Improvement and Infrastructure Restricted (HDIL) engaged in the actual property enterprise in Mumbai.

The Wadhawans have been booked by the Central Bureau of Investigation (CBI) in October 2020 in reference to a Rs 200 crore alleged mortgage fraud from Sure Financial institution and have been going through investigation by a number of businesses.

They’re additionally being probed by the Enforcement Directorate (ED) as a part of one other Prevention of Cash Laundering Act case associated to an alleged mortgage fraud on the PMC Financial institution involving an quantity of greater than Rs 4,300 crore.

The officers mentioned the agency had allegedly entered right into a Rs-3,167 crore growth contract with the Maharashtra Housing and Space Improvement Authority (MHADA) for the event of 40 acres of land in Mumbai’s Goregaon (West) in 5 phases.

The primary section of the venture was scheduled to be accomplished by December 2017 for Rs 1,022 crore, for which a Rs 200 crore mortgage was sanctioned in 2010 and disbursed the next 12 months, they mentioned.

The officers mentioned the account was declared a non-performing asset in 2014 as a result of non-servicing principal and curiosity.

The forensic audit discovered a diversion of Rs 100 crore to mother or father firm HDIL however no invoices or supporting paperwork justifying the switch have been stored on document.

The corporate was “non-cooperative” in disclosing its account books, it mentioned.

It was additionally alleged that the corporate gave deceptive details about the entire value of the venture and timelines for its completion whereas looking for loans.

The financial institution alleged that the Wadhawans “cheated” it “with a dishonest intention to make a wrongful acquire for themselves and trigger wrongful loss to the financial institution by fraudulent means, taking an undue benefit of the belief of the financial institution in its clients”.

The financial institution alleged that the Wadhawans entered right into a felony conspiracy with one another, whereby the disbursed quantity from banks was diverted to varied associated firms. 

(Apart from the headline, this story has not been edited by String Reveals workers and is printed from a syndicated feed.)

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