New Delhi: Assets worth over Rs 77 crore have been attached by the Enforcement Directorate in connection with its money laundering probe linked to an alleged bank fraud case involving HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, the agency said on Friday.
A provisional order for attachment was issued against Sunlight Housing Development Private Limited (SHDPL) under provisions of the Prevention of Money Laundering Act (PMLA), it said.
"The attached assets are in the form of five commercial properties, measuring about 32,300 square feet, in the Kaledonia Building, Andheri (East), Mumbai, and two residential flats, measuring approximately 3,960 square feet, each located at Atlantis Building, Andheri (West) in Mumbai and cash worth Rs 1.40 crore," the Enforcement Directorate (ED) said in a statement.
This ED case is linked to alleged siphoning of Rs 200 crore loan sanctioned by Yes Bank to a company called Mack Star Marketing Pvt Ltd, by showing it for "fictitious" purposes, it said.
The agency said its probe found that "seven commercial properties in the Kaledonia building, Andheri East, Mumbai, owned by Mack Star were fraudulently sold/transferred to one Mukesh Doshi through his company Sunlight Housing Development Pvt Ltd at a wrongful loss to Mack Star company worth Rs 77.65 crore by Rakesh Wadhawan and Sarang Wadhawan in connivance with SHDPV and its director".
"Rakesh and Sarang Wadhawan cheated Mack Star Marketing Pvt Ltd by illegally selling these properties without consent of the majority shareholder (DE Shaw Group which holds 83.36 per cent shares of Mack Star Marketing Pvt Ltd) and without receiving any consideration causing loss to Mack Star," the agency said.