Tag: Sarang Wadhawan

IndustryLatest Stories

Hutment Sale Scam Resurfaces for HDIL

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police has uncovered an alleged housing scam involving Rs 150 crore. Home possession documents intended for approximately 1,000 residents of slum rehabilitation were reportedly sold to third-party buyers. The company at the heart of this alleged scheme is Housing Development and Infrastructure Ltd (HDIL) Group. The EOW investigation suggests that top executives of HDIL might be involved, although the firm’s lawyers have refuted this claim to Mirror. The EOW filed its chargesheet on Thursday, naming HDIL promoters the Wadhwans and their associates while also awaiting the Slum Rehabilitation Authority’s (SRA) feedback…

Latest StoriesRegulatory

Court Denies HDIL Promoter Trip to Hyderabad, Allows Other Travel

MUMBAI: A special PMLA court has denied HDIL promoter Sarang Wadhawan’s request to travel to Hyderabad, where he is under investigation for allegedly facilitating threats via another individual. Wadhawan is implicated in a Rs 6,117.9 crore money laundering case. “A complaint has been filed with the ED (Enforcement Directorate) concerning threats involving the accused, and verification of the allegations is ongoing. Given the situation, allowing the applicant to visit Hyderabad is neither just nor appropriate,” stated Special Judge R B Rote. Wadhawan, who was released on bail last year after being arrested four years ago alongside his father, Rakesh Wadhawan,…

Latest StoriesRegulatory

ED Files Extra Chargesheet on 1,700-Acre PMC-HDIL Lands

MUMBAI: The Enforcement Directorate (ED) has submitted a third supplementary chargesheet in the PMC Bank and Housing Development & Infrastructure Pvt Ltd (PMC-HDIL) loan fraud investigation. This chargesheet pertains to around 1,700 acres of land in the Sindhudurg district, which the agency has already attached and is seeking to have confiscated by the court. In the chargesheet, the ED alleges that Rakesh Wadhawan and Sarang Wadhawan, along with others, misused funds embezzled from PMC Bank to acquire agricultural land in the names of proxies, including their employees. Their intention was to sell this land at a profit for a proposed…