The Enforcement Directorate (ED) probe into the Rs 4,300-crore PMC Bank case and its connection with bankrupt realtor HDIL has unearthed properties worth hundreds of crores, often in the names of the Wadhawan family members.
Yet, both Anu Wadhawan, wife of HDIL MD Sarang, and Malti, Sarang’s mother and Rakesh’s wife, claim to have no idea about the source of money, which funded purchases of the vast number of properties in their names.
PMC Bank, a large-size cooperative bank, was virtually shuttered by the Reserve Bank of India after it discovered a slew of dubious transactions. Subsequent investigations showed evidence of wrongful diversion of the bank’s funds into HDIL, which enjoyed a close relationship with the bank.
In her statement to the ED, Anu Wadhawan said that she was not a director on any of the HDIL group companies, and could not explain the source of funds for procuring assets like bungalows in Bandra, Vasai and Alibaug, besides flats in Bandra.
Anu also received a salary of a whopping Rs 70 lakh a month from Privilege Industries, an HDIL company she joined in 2016, as a “marketing retainer”. Privilege Industries manufactures a major international beer brand in the country.
Malti, wife of co-accused Rakesh, also could not explain the source of the funds through which properties were purchased in her name, and said she was a housewife. Malti owns properties in Pune, Bandra, Vasai and Palghar.
All the properties owned by the Wadhawans have been seized by the ED or the Economic Offences Wing of the Mumbai Police.
The ED also questioned Meena Rohira, a close friend of the Wadhawans, and a director of an HDIL group company named M Estate Developers. Rohira claimed to have no idea about the business of the company.
Rohira owns Basera, a posh bungalow overseeing the coastline at Bandstand, Bandra (in Mumbai), which was previously owned by the Wadhawans. She claimed that she had purchased the bungalow from Wadhawans by selling them her ancestral land.