PMC Scam: Sprawling Bungalow Attached; Lion Statues, Chandeliers & All

General News

The Enforcement Directorate attached the property of HDIL promoters Sarang & Rakesh Wadhawan in Vasai on October 10, Thursday. The 5 acres property is in Vasai.

Written By Apoorva Rao | Mumbai | Updated On:

In a massive crackdown in the Punjab and Maharashtra Cooperative bank case, the Enforcement Directorate has attached the property of HDIL promoters Sarang and Rakesh Wadhawan in Vasai. The property is a bungalow spread across 5 acres in the outskirts of Mumbai. The property is called the Diwan Bungalow and located at Dev Talao in Vasai (West). This is the second property attached by the ED in the case.

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Below are the pictures of the bungalow:

As seen in the pictures, the bungalow belonging to HDIL promoter is lavish and spreads across five acres. One can see the bungalow decorated with chandeliers, columns with detailed carvings. Several statues and busts of lions also don the rooms. As seen in the pictures, the bungalow also has what appears to be an indoor fountain. 

Republic access visuals of HDIL promoters Alibaug bungalow

On Friday, October 10, Republic was the first channel to visit the location of the Alibaug bungalow of the jailed promoters of the Housing Development and Infrastructure Limited (HDIL). The ED seized several luxury items from the bungalow. The property was built on a land of 2.5 acres. It containing 22 rooms and is adjacent to the Sasawane beach.

WATCH | PMC Bank Scam: Republic exposes Wadhawan's luxurious Alibaug bungalow

ED raids Wadhawans' properties

As a part of its crackdown against the promoters of HDIL, the ED raided several houses belonging to them. They attached a private jet in the name of Privilege Airways Private Ltd (Bombardier challenger - 300 9 seater VT) which is in the Maldives at this time. A fleet of 12 luxurious cars including a Mercedes and a Rolls Royce were seized. Furthermore, two golf carts were also recovered from the bungalow. A speed boat that was often used by the Wadhawans has come under the scanner as well. On Saturday, October 5, the ED attached their jewellery worth Rs 60 crore. 

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HDIL scam 

The police registered an FIR against the top officials of the Punjab and Maharashtra Co-operative (PMC) bank and the promoters of the HDIL. The bank allegedly continued giving loans to the debt-ridden HDIL from 2008 to 2019 despite the previous loans the firm defaulting on earlier loans. This resulted in a loss of nearly Rs.4,355 crore. Several sections of the Indian Penal Code (IPC) such as criminal breach of trust, cheating, and forgery have been invoked against the accused. Besides the promoters of HDIL, the former Managing Director Joy Thomas and ex-Chairman Waryam Singh were arrested and sent to police custody. Out of 44 accounts, a total of 10 were linked to HDIL including the personal bank accounts of the accused. 

READ | PMC bank scam: Republic exposes Wadhawan's luxurious Alibaug bungalow

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