EDIL raids found HDL promoter's 22-room home and chartered aircraft

A total of Rs 4,000 crore worth of properties including movable and immovable properties have been seized during the raids.

New Delhi, Oct 7, 2019, Monday

EDA raided several places in the Rs 4335 crore fraud case involving Housing Development and Infrastructure Limited (HDIL). These include the complexes of HDIL chairman and MD Rakesh Kumar Wadhwan and Sarang Wadhwan.

During the raids, the ED also found information about a 22-room building belonging to the company in Alibaug. Another HDL promoter aircraft has also been reported. In addition, a small ship by the name of the promoter has also been reported and the ship is currently in the Maldives.

During the raids, assets worth Rs 4,000 crore have been seized, including fixed and ongoing assets. Also includes valuables, savings account and jewelry.

ED is attempting to take over the Maldives ship as soon as possible. During the Derroda, the ED has also found that HDIL owners have provided housing to large leaders in posh areas of Maharashtra.

However, the ED has refused to disclose the names of these leaders. Earlier, a Mumbai court had sent former PMAC chairman S Variam Singh to police custody till October 9. The Economic Offenses Branch of Mumbai Police arrested a lion from Mahim late Saturday night.

Police said they will inquire into a Rs 4335 crore fraud case related to Housing Development and Infrastructure Limited (HDIAL).

Earlier, the police arrested HDIL chairman and MD Rakesh Kumar Wadhwan and Sarang Wadhwan and confiscated their assets worth Rs 3500 crore.

Police told the court that since Varam Singh was the chairman of the PMC Bank and the legal director of HDIL, the police would sit with the other accused and interrogate them.