ED attaches three south Delhi hotels linked to money laundering case

NEW DELHI: The Enforcement Directorate has attached three hotels in south Delhi worth over Rs 100 crore allegedly linked to the main accused Rakesh and Sarang Wadhawans in the Punjab & Maharashtra Cooperative (PMC) Bank money laundering case.
The attached hotels are owned by Libra Realtors Pvt Ltd, Deewan Realtors, Rakesh Kumar Wadhawan, Romy Mehra, and Libra Hotels Pvt Ltd and its directors, ED said. All the hotels are now known as Fab Hotels situated in Kailash Colony, East of Kailash and Kalkaji.
The agency has already filed a chargesheet in this case against Rakesh Kumar Wadhawan and others.Rakesh Kumar Wadhawan and his son Sarang Wadhawan were arrested by ED on October 17, 2019 and are presently in judicial custody.
The Wadhawans along with chairman and MD of the PMC Bank are accused of causing ‘wrongful loss prima facie to the tune of Rs 4,355 crore to PMC Bank and corresponding gain to themselves’.
“Earlier assets belonging to accused Rakesh Wadhawan and Wadhawan family trust totalling to Rs 193 crore were also attached and jewellry worth Rs 63 crore was seized, the agency said.
It has been found that Wadhawans, the promoters of HDIL, had taken loans to the tune of Rs 6,500 crore from the PMC bank and defaulted on payments. The huge credit extended to Wadhawans was illegal as it was more than 73% of the total assets of Rs 8,880 crore of the bank.