Tribune News Service
New Delhi, January 5
The anti-graft central probe agency CBI has registered an FIR against HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in connection with a new bank fraud case involving an amount of Rs 140 crore pertaining to their subsidiary Guruashish Construction, officials said on Thursday.
The officials said fresh action has been taken by the investigative agency following a complaint filed by the Union Bank of India against the businessmen, who are embroiled in another Rs 4,300 crore Punjab and Maharashtra Cooperative (PMC) Bank scam case.
The bank has alleged that Guruashish Construction was a wholly-owned subsidiary of Housing Development and Infrastructure Limited (HDIL) engaged in the real estate business in Mumbai.
The Wadhawans were booked by the CBI in October 2020 in connection with a Rs 200 crore alleged loan fraud from Yes Bank and have been facing investigation by multiple agencies.
They are also being probed by the Enforcement Directorate (ED) as part of another case under provisions of the Prevention of Money Laundering Act (PMLA) related to an alleged loan fraud at the PMC Bank involving an amount of more than Rs 4,300 crore.
The officials said the firm had allegedly entered into a Rs 3,167 crore development contract with the Maharashtra Housing and Area Development Authority (MHADA) for the development of 40 acres of land in Mumbai’s Goregaon (West) in five phases.
The first phase of the project was scheduled to be completed by December 2017 for Rs 1,022 crore, for which a Rs 200 crore loan was sanctioned in 2010 and disbursed the following year, they said, adding that the account was declared a non-performing asset (NPA) in 2014 due to the non-servicing the loan.
The forensic audit found a diversion of Rs 100 crore to parent company HDIL, but no invoices or supporting documents justifying the transfer were kept on record, the officials said, adding the company was “non-cooperative” in disclosing its account books.
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