PMC Bank scam: Request to repay a loan by selling its own assets

Mumbai, October 17, 2019, Thursday

HDIL promoters Rakesh and Sarang Wadhwa wrote a letter to the investigating agency on Wednesday asking them to sell the property they had sold at market price and use the proceeds to repay the loan from Punjab and Maharashtra Cooperative (PMC) Bank.

The promoters have written to ED, Economic Crime Branch, Ministry of Finance, Reserve Bank of India Governor and Deputy Governor in this regard. In the letter, the promoters denied allegations of blackmail, saying that their request was made in the interest of investors.

The property's sale letter includes Ferretti Yacht, Falcon 2000 Aircraft, Audi AG, Rolls Royce Phantom, Bentley Continental and other luxury SUVs as well as electric cars and speed boats.

The EDA has already taken these assets into the lurch. Union Home Minister Amit Shah said on October 14 that the amount of fraudulent property has been taken into liquidation and guaranteed that investors' interest would be protected.