Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,884.50-10.95
Stock Analysis, IPO, Mutual Funds, Bonds & More

ED conducts fresh searches in PMC bank case

The agency has also seized Rs 60 crore worth jewellery, a business jet, 15 cars, two fixed deposits worth Rs 1.5 crore and Rs 10 crore in connection with the investigation of the case.

PTI|
Oct 07, 2019, 09.56 PM IST
0Comments
MUMBAI: The Enforcement Directorate on Monday conducted fresh searches at a posh bungalow located in Alibaug in Maharashtra in connection with the PMC bank money laundering case, officials said. They said the 22-room bungalow is linked to HDIL promoters Wadhawan's and has been sealed by the agency after the raid.

The agency has also seized Rs 60 crore worth jewellery, a business jet, 15 cars, two fixed deposits worth Rs 1.5 crore and Rs 10 crore in connection with the investigation of the case.

The searches were being conducted after a criminal compliant was filed under the Prevention of Money Laundering Act by the central agency.

The Enforcement Directorate case is based on an FIR filed by the Economic Offences Wing (EOW) of Mumbai police.

The ED and the Mumbai Police case is against former bank management and promoters of the Housing Development Infrastructure Limited (HDIL).

Based on a complaint by an RBI-appointed administrator, the police complaint was filed earlier last week on charges of forgery, cheating and criminal conspiracy against the officials.

Also Read

Fourth arrest in PMC Bank case: Ex-chairman Waryam Singh held

Assets worth Rs 3,830 crore seized in PMC Bank case: Enforcement Directorate

EOW arrests HDIL Directors Sarang Wadhawan, Rakesh Wadhawan in connection with PMC Bank case

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service