The Enforcement Directorate (ED) has arrested Yes Bank's former Chairman Rana Kapoor in an alleged money-laundering case pertaining to the probe in a HDIL group company, official sources said on Wednesday.
The Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank.
Around a dozen depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank were detained on Sunday for allegedly trying to stage a protest outside the Khar residence of HDIL promoters Rakesh Wadhawan and his son Sarang, who are accused in the bank fraud case, police said.
The Supreme Court Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative Bank (PMC) scam, from Mumbai's Arthur Road Jail to their residence.
The Bombay High Court set up a three-member committee on Wednesday for valuation and sale of encumbered assets of Housing Development and Infrastructure Ltd (HDIL) to expeditiously recover dues payable by the firm to crisis-hit Punjab & Maharashtra Cooperative (PMC) Bank.
During the current inspection, PMC Bank has admitted to having a total exposure of Rs 6,226.01 crore (inclusive of interest accrued in the related accounts) as on March 31, 2019 to the HDIL group.
The Enforcement Directorate on Friday grilled former Union minister Praful Patel for his links with Dawood Ibrahim's close aide Iqbal Mirchi in a money laundering case and also confronted him with the promoters and directors of the Housing Development and Infrastructure Ltd (HDIL), arrested in the Rs 4,335-crore Punjab and Maharashtra Cooperative (PMC) Bank case.
New pieces of evidence are being tracked everyday, the investigating officer informed the court, adding two more days of custody is required to extract more information from the key accused in the bank fraud.
HDIL owner Rakesh Wadhawan, who has been arrested by the Mumbai Police in the PMC Bank fraud case, is also linked to an alleged cheating case involving real estate firm Rudra Buildwell.
The Chairman and Managing Director of real estate developer HDIL were arrested on Thursday in connection with the Rs 6,500 crore loan default case that has hit the Punjab and Maharashtra Co-operative (PMC) Bank. Rakesh Kumar Wadhawan, the Chairman, and Sarang Wadhawan, Managing Director of HDIL were arrested by the Economic Offences Wing (EOW) of the Mumbai Police. Assets worth Rs 3,500 crore of HDIL were also frozen.
Mumbai police on Thursday arrested two directors of the Housing Development Infrastructure Limited (HDIL) in the PMC Bank scam
The FIR mentioned PMC Bank's now-suspended Managing Director Joy Thomas, Chairman Waryam Singh and other executives. It also mentions involvement of Sarang Wadhawan, the Vice Chairman and Managing Director of HDIL.
A few bank employees and customers also held demonstrations outside the real estate developer Housing Development & Infrastructure's (HDIL) office in Bandra.
HDIL shares traded at Rs 5.84 apiece on BSE at 3 p.m. On August 21, its shares had plunged a huge 20 per cent to hit an all-time low of Rs 8.78 on the BSE, its highest daily percentage loss since October 2008, after the real estate firm was admitted under the provisions of Insolvency and Bankruptcy Code (IBC). HDIL shares have plunged further since then.
Mumbai: Housing Development and Infrastructure Ltd (HDIL) plans to raise up to Rs 1,800 crore this fiscal by selling stakes in some of its assets to partly repay its debt by around Rs 600-700 crore
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