(PTI) New delhi date. 3 
In a multi-crore PMC bank fraud and money laundering case, the Enforcement Directorate (ED) has seized part-paid compulsory convertible preference shares of HDIL group companies worth Rs 3 crore.
The ED said in a statement that due to these shares, HDIL Pass is entitled to allotment of 30.50 sq ft under construction flat in Ghatkopar, Mumbai. The flats are being prepared by Aryaman Developers Pvt. Ltd.
The ED further said that the developer has assured that it will not sell or transfer the flat to anyone after the completion of the project and will not give any third party rights to anyone.
The ED has filed a case against HDIL (Housing Development Infrastructure Limited), its promoters Rakesh Kumar Wadhwan, his sons Sarangad Wadhwan and former chairman Varyam Singh and former managing director Joy Thomas in Punjab and Maharashtra Co Filed a case of laundering.
The ED arrested the father and son in October 2016 and they are currently lodged in a Mumbai jail.
Somerset Construction Pvt. Ltd., Servol Construction Pvt. Ltd., Sapphire Land Development Pvt. Ltd., Emerald Realtors Pvt. Ltd. Housing Developers & Construction Pvt. Ltd.
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