Surjit Singh Narang (71) has filed an anticipatory bail application before additional sessions judge ST Soor.
The court remanded the duo in judicial custody after the central agency did not seek their further custody.
The Enforcement Directorate has already attached assets of HDIL that are worth 3,800 crore. These include high end cars, lavish bungalows and jewelry.
The Enforcement Directorate (ED) produced Housing Development Infrastructure Ltd's (HDIL) chairman and managing director Rakesh Wadhawan and his son before special Prevention of Money Laundering Act court judge P Rajvaidya, after their remand ended on Tuesday.
While the principal loan on these 40 properties is around Rs 2,200 crore, PMC Bank has been accused of fraudulently extending Rs 4,500 crore to HDIL on the back of security of these properties.
According to HDIL, the company has securitised enough assets to the PMC banks as compared to the loan taken. They have securitised 40 assets with clear titles with the bank.
The assets, both immovable and movable, will be attached under provisions of the Prevention of Money Laundering Act (PMLA) after valuation, it said.
Moneycontrol has learnt that properties the ED attached today include about 2,100 acres of land located in Vasai, Virar and Palghar.
Housing Development Infrastructure Ltd chairman and managing director Rakesh Wadhawan and his son Sarang were arrested on October 3, while former chairman of PMC Bank Waryam Singh was held on October 5.
Auditors can at best blow the whistle after the horse has bolted, but it is for the management to disburse loans after extreme caution
The Wadhawans were arrested in connection with the Punjab and Maharashtra Co-operative (PMC) Bank scam by the Economic Offenses Wing (EOW) of the Mumbai police on October 3.
The EOW also searched the residence of PMC Bank Chairman Waryam Singh on October 3, while also freezing his demat account that is worth Rs 100 crore.
HDIL is at the centre of the crisis that hit Punjab and Maharashtra Cooperative (PMC) Bank as it had borrowed a substantial amount from the bank.
To dodge the regulator, PMC Bank replaced large legacy accounts with dummy accounts to match the outstanding balances in the balance sheet.
According to reports, Punjab and Maharashtra Cooperative Bank (PMC), on which the Reserve Bank of India recently placed restrictions, breached exposure norms while dealing with HDIL which happens to be one of its biggest corporate borrowers.
The FIR named PMC Bank’s Managing Director (now suspended) Joy Thomas, Chairman Waryam Singh and other executives. It also mentions involvement of Sarang Wadhawan, vice-chairman and managing director of HDIL.
Insolvency proceedings have been initiated against many real estate developers, including Jaypee Infratech, mainly because of default in loan repayment to banks as well delivery of flats to home buyers.
Total income fell to Rs 96.50 crore during the April-June quarter of the financial year 2019-20 from Rs 171.35 crore in the corresponding period of the previous year, the Mumbai-based developer said in a regulatory filing.
Ocean Deity, the majority stakeholder, charged that the sums were disbursed for loans taken by the infra company from the bank, without its authorisation
The notice was issued to HDIL Galaxy Apartments in Kurla East for handing over flats without securing the occupation certificate, lift clearance and fire completion certificate for those flats
Mumbai-based HDIL owes about Rs 520 crore to Bank of India (BoI) and it had agreed to pay in tranches to the lender.