Bank Fraud Case: The Enforcement Directorate (ED), Mumbai Zonal Office, has taken significant steps in the ongoing investigation of a Bank Fraud case related to M/s Vikram Homes Pvt. Ltd. In a recent update, the Enforcement Directorate (ED) has issued a Provisional Attachment Order under the Prevention of Money Laundering Act (PMLA), seizing assets valued at Rs. 40.37 Crore. These assets are associated with the Mack Star Case involving Rakesh Wadhawan, Sarang Wadhawan, and others, notably the promoters of HDIL.
The attached assets consist of one commercial property, including office units with numbers 701, 702, 703 & 704, along with a lobby and passage, totaling approximately 3958.15 sq. mtr. carpet area in Kaledonia Building, Mumbai.
The ED’s investigation originated from an FIR filed by the CBI (ACB), Mumbai, under several sections of the IPC, 1860, and the Prevention of Corruption Act, 1988, against Rakesh Wadhawan, Sarang Wadhawan, and others. It involves the misappropriation of a loan of Rs. 200 Crore granted by Yes Bank to M/s Mack Star Marketing Pvt. Ltd.
Further investigation was prompted by a complaint filed by M/s Mack Star Marketing Pvt. Ltd. with NM Joshi Marg Police Station, Mumbai, leading to a fresh FIR. This FIR alleges that the Wadhawans illegally and fraudulently sold several office units in the Kaledonia building owned by M/s Mack Star Marketing Pvt. Ltd., causing wrongful loss exceeding Rs. 300 Crore.
ED’s investigation uncovered that the Wadhawans illicitly transferred a commercial property of Mack Star located in the Kaledonia building, Andheri East, Mumbai, to M/s Vikram Homes Pvt. Ltd. without any actual payment to Mack Star. This action resulted in financial losses for Mack Star, as the majority shareholder (DE Shaw Group holding 83.36% shares) did not consent to the transaction.
Previously, ED had attached properties worth Rs. 203.99 Crore in this case. With the recent attachment, the total attachment in the Bank Fraud case now amounts to Rs. 244.36 Crore, signifying the agency’s rigorous efforts to combat financial crimes and ensure accountability in the banking sector.
