The Enforcement Directorate (ED) on January 22 raided Jayendra Thakur-owned Viva group, sources told Moneycontrol. The team is reportedly conducting searches in connection with Punjab Maharashtra Co-operative Bank (PMC Bank), sources said.
The Central probe agency had in its January 1 statement said that it has attached assets worth Rs 72 crore of a Maharashtra-based man whose wife's alleged transaction with Shiv Sena leader Sanjay Raut's spouse is under its scanner in the over Rs 4,300 crore PMC Bank money laundering case.
The ED had filed a criminal case of money laundering to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October last year against Housing Development Infrastructure Ltd (HDIL), its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and ex-managing director Joy Thomas.
It took cognizance of a Mumbai Police economic offenses wing FIR against them that charged them for causing "wrongful loss, prima facie to the tune of Rs 4,355 crore to the PMC Bank, and corresponding gains to themselves".
The latest raids were conducted over loans taken in the name of Mack Star Marketing Private Limited.
In Mack Star Marketing Private Limited, Ocean Deity Investment Holdings has 78.09 percent stake and 21 percent stake was held by HDIL and Warayam Singh. This company has constructed a building at Andheri in Mumbai where an amount of Rs 1000 crore was invested, mainly by Ocean Deity. Despite lower shareholding, HDIL was operating Mack Star.
When HDIL was in severe financial stress and was not able to repay its liabilities, it has taken a loan worth of Rs 200 crore from Yes Bank between 2011 and 2015 in the name of Mack Star. However, HDIL has used this amount to clear its liabilities.
According to ED sources, “the investigation also revealed that Wadhawans of HDIL in connivance with Viva group have diverted more than Rs 160 crore from HDIL to many companies/entities belonging to Viva group in the garb of commission. Source of these funds from HDIL to Viva group is apparently the illegal fund diversion from PMC Bank.”
“During the investigation, it was revealed that Wadhawans illegally and fraudulently transferred two commercial properties of Mack Star in Kaledonia Building, Andheri East, Mumbai, valued at Rs 34.36 crore to Viva Holding, a company of Viva Group. For the transfer of the said two properties, two separate sale agreements dated 26.06.2017 were prepared wherein sale value for both the subject commercial properties were shown as Rs 34.36 crore. In the said sale agreements, the purchase amount was shown to be paid vide 37 cheques by Viva Holding to Mack Star against the purchase of the said properties,” the ED sources said.
The investigation further revealed that these cheques were never en-cashed in the account of Mack Star and Viva Holding never made payments for the purchase of the said property to Mack Star. Wadhawans had illegally transferred these properties to Viva group in violation of the article of association of Mackstar. Further, Viva Holding never showed these properties in its balance sheet,” the ED sources added.
ALSO READ: ED summons Sanjay Raut's wife again in PMC Bank money laundering case.
The diversified Viva group is mainly into real estate, hotel, education, and owns Tab Cab.
The response from the group has been sought but still awaited, the story will be updated with the company response.
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