On the strength of these shares, the ED said that HDIL has the right for the allotment of under-construction flats measuring 90,250 square feet Floor Space Index (FSI) in Ghatkopar, Mumbai of the developer Aryaman Developers Private Limited. The developer has given the undertaking to ensure not to sell, transfer, alienate or create any third-party rights thereon on completion of the project.
As per a release by ED, an investigation was initiated under the Prevention of Money Laundering Act (PMLA) on basis of an FIR registered on September 30, 2019, by the Economic Offences Wing of Mumbai Police under the provisions of the Indian Penal Code, 1860.
The case was filed against Joy Thomas, the Managing Director of PMC Bank, Waryam Singh, the Chairman of PMC Bank, Sarang Wadhawan, Rakesh Kumar, Kuldip Singh Wadhawan of HDIL and promoters and executives of Somerset Construction Private Limited, Serveall Construction Private Limited, Sapphire Land Development Private Limited, Emerald Realtors Private Limited, Awas Developers and Construction Private Limited, Prithvi Realtors and Hotels Private Limited, Satyam Realtors Private Limited and others for causing wrongful loss to the tune of ₹4,355 crore to PMC Bank and corresponding gain to themselves.
Investigation under PMLA revealed that in spite of default in payment, the ED said, HDIL group companies availed loans from PMC from time to time.
“The mode and manner of operation of bank…