PMC Bank scam: Enforcement Directorate may give nod to sale of HDIL's assets

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26 Aug, 2025 12:21

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The Enforcement Directorate (ED) may give its approval for sale of assets worth around Rs 2,500- 3,000 crore belonging to Housing Development and Infrastructure Limited and its promoters.

"The Enforcement Directorate may give no-objection certificate for such assets of HDIL and promoters which were mortgaged with PMC Bank in terms of security. ED may give no-objection certificate in Friday's court hearing," a source told Moneycontrol.

The Reserve Bank of India, ED, Economic Offences Wing of the Mumbai Police and administrators of PMC Bank have formed a co-ordination team for the PMC Bank case.

On November 18, RBI Governor Shaktikanta Das, ED Director Sanjay Kumar Mishra, Mumbai Police Commissioner Sanjay Barve and PMC Bank Administrator JB Bhoria met at the RBI headquarters to discuss the matter.

EOW and ED have registered a case against HDIL's promoters and officials of PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

HDIL took loans from PMC Bank well in excess of regulatory limits, and since the news of the scam broke out, reports of money laundering, siphoning and fraud have surfaced.

In order to return money to depositors, the RBI is now exploring sale of HDIL's assets which were seized by the ED, a source told Moneycontrol.

After seeking court's approval, the RBI will direct the PMC Bank administrator to begin the process of sale of assets under the SARFAESI Act.

ED has seized properties worth Rs 3,830 crore, which include vast parcels of land in Vasai and Palghar, besides a luxury bungalow in Alibaug and luxury cars.

EOW too has attached HDIL's assets worth hundreds of crores. The total value of the assets attached may exceed the amount of fraud, the source quoted above said.

RBI has requested ED and the EOW to defreeze the properties to allow the auction process to begin.

"The EOW has already submitted its NOC in court to dispose HDIL's assets,"a source said.

HDIL's promoters - Rakesh and son Sarang Wadhawan - had last month requested the authorities to immediately sell 18 of their attached assets at "fair market value" for adjustment against the unpaid loans’ principal.

According to sources, 40 of their assets were attached as security with the bank.