Wadhawans case: ED attaches 2 properties of Viva Holding worth Rs 34 crore

Photo for representational purpose

The Enforcement Directorate (ED) on Monday said that it has attached two commercial properties to the tune of Rs 34.36 crore of Viva Holding, a company of the Viva group in connection with its probe into a money laundering case involving Wadhawans of the Housing Development Infrastructures Ltd. (HDIL).

An ED official here said that the agency attached two properties worth Rs 34.36 crore of Viva Holding in a Bank Fraud case of Rakesh Wadhawan and Sarang Wadhawan both promoters of HDIL and others including Mack Star case.

The attached assets are in the form of two commercial properties of 15,000 sq metres area in Kaledonia building in Andheri East located at Mumbai.

The official said that the financial probe agency has registered a case against Rakesh Wadhawan and Sarang Wadhawan and others on the basis of an FIR registered by CBI for siphoning off the loan to tune of Rs 200 crore sanctioned by Yes Bank to Mack Star Marketing Pvt. Ltd., by showing it for fictitious purpose.

The official said that earlier ED has already registered a case of money laundering against HDIL, Wadhwans and Joy Thomas, CMD of PMC bank Ltd and others on the basis of FIR registered by Economic Offences wing of Mumbai Police for causing wrongful loss and corresponding gain to themselves prima facie to the tune of Rs 4,355 crore to PMC Bank and the agency has already attached properties worth Rs 366.3 crore along with seizure of Rs 63.78 crore value.

The official said that during investigation it was revealed that Wadhawans illegally and fraudulently transferred two commercial properties of Mack Star in Kaledonia building to Viva Holding.

"For the transfer of the said two properties, two separate sale agreements dated June 26, 2017 were prepared wherein sale value for both the subject commercial properties were shown as Rs 34. 36 crore in total.

"In the said sale agreements, the purchase amount were shown to be paid vide 37 cheques by Viva Holding to Mack Star Marketing Pvt. Ltd. against the purchase of the said properties," the official said.

He further said that during probe it was found that these cheques were never encashed in the account of Mack Star and Viva Holding never made payments for the purchase of the said property to Mack Star.

"Wadhawans had illegally transferred these properties to Viva Group in violation to the article of association of Mack Star. Further, Viva Holding never showed these properties in its balance sheets," he said.

Earlier ED conducted searches at the five premises belonging to Viva Group and its associates located in Mumbai and arrested Mehul Thakur and Madan Chaturvedi in this case.

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