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Funds From Punjab & Maharashtra Cooperative Bank
The
promoters of Housing Development & Infrastructure Ltd. (HDIL) reportedly conveys for funds to Punjab & Maharashtra
Cooperative Bank by using overdraft facilities and the money was “disguised” as
loan accounts by bank officials, according to the probe by the Economic
Offences Wing of the Mumbai Police.
WHO IS HDIL?
HDIL
(Housing Development and Infrastructure Limited) is a listed real estate
development company in India, which generally operates in the Mumbai
Metropolitan Region. HDIL's business generally focus activities related to Real
Estate Development, which includes construction and development of residential
projects and, more recently, commercial and retail projects, Slum
Rehabilitation and Development, including clearing slum land and rehousing slum
dwellers, and Land Development, including development of infrastructure on land
which the company then sells to other property developers.
WHAT REALLY HAPPENED?
The activity
of sending Cash to DUBAI resident took place through the channels of Hawala
from HDIL Holding companies was done by MD Joy Thomas of PMC bank who is currently suspended
Hawala is a method of transferring money
without any actual cash moving. Interpol's definition of hawala is "money
transfer without money movement." Another definition is simply
"trust." The local police identified resident as Mehta, who sent the
money back to PMC as deposits. the bank allegedly replaced 44 loan accounts of
HDIL and its group companies with over 21,000 loan accounts to conceal the
extent of outstanding balances. Reserve bank of India was provided the changes which was made in documents of loan accounts for the
year ended March 31, 2018.
The
Enforcement Directorate, which is a case of money laundering in the matter, has
founded with a plot of land and an apartment in London and a residential
property in Dubai belonging to the HDIL promoters and is in the process of
provisionally attaching them. The now-suspended managing director of the
crisis-hit Punjab and Maharashtra Cooperative Bank (PMC), Joy Thomas,
reportedly admitted to the RBI that the bank's actual exposure to the bankrupt
HDIL is over Rs 6,500 crore -- four times the regulatory cap or a whopping 73 %
of its entire assets which was Rs. 8,880 crore.
The bank's
losses since 2008 were Rs 4,355.46 crore, as per initial investigations,
concluded by Police.
What HDIL said?
On Tuesday
Crisis – hit HDIL said loans were taken which includes Punjab and Maharashtra
Cooperative bank in a normal course of business after Provided enough of
securities cover and that it is ready to discuss with the bank to protect the
interest of depositors.
In a Reply
as a clarification to the stock
exchange, debt-laden Housing Development and Infrastructure Ltd (HDIL) said that their books of accounts which are audited
represent the fair and true picture of the company's business.
In the
regulatory filling it was said by HDIL Vice Chairman and MD Wadhawan "The
company has over a period of time availed of banking facilities from various
banks and institutions including PMC Bank in the normal course of
business,"
What are the actions taken?
The Mumbai
Police files a case against the former bank management and promoters of HDIL in
the Punjab and Maharashtra Cooperative (PMC) Bank case and said a special
investigation team will be probing the case.
Directors of
bank Sarang Wadhawan along with Rakesh Wadhawan was send to police
custody till of October by the court. The Former chairman of PMC bank Waryam
Singh, was also send to custody.
On last
Thursday, HDIL chairman and managing director Rakesh Wadhawan and his son
Sarang were arrested, while on saturday former
chairman of PMC Bank Waryam Singh
HDIL
chairman Rakesh Wadhawan and his son Sarang which was found in the fraud case
of Rs 4,335 crore against Punjab National Bank the Enforcement Directorate (ED)
on Monday searched the properties of Wadhawan’s close associates.
While the
searches it was found out that many politicians were gifted house at posh
location in Maharashtra by the owners of Housing Development and Infrastructure
Ltd (HDIL). But the identities of the
Politician were not disclosed by ED
The raid was carried out by ED at six places in
Mumbai, which also includes the head office of HDIL in Bandra (East) and Rakesh
Wadhawan resident which is Wadhawan House in Bandra (West)The premises
of Waryam Singh and Joy Thomas who is former PMC Bank Managing Director was
also raided by the agency.
BY Gaurav Singh
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