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PMC fraudsters offer assets to meet depositors money

PMC fraudsters offer assets to meet depositors money

PMC fraudsters offer assets to meet depositors money
October 17
13:09 2019

The prime accused in the PMC Bank scam, The owners  of real estate group HDIL, Rakesh and Sarang Wadhawan have asked the  RBI and investigation agencies to sell off their assets, including a yacht, a Rolls Royce and an aircraft, to pay off the bank’s dues.

The Wadhawans, in a letter to the Enforcement Directorate, the Union finance ministry and the RBI, requested that they be allowed to sell off 18 of their attached assets.

The scam at the Punjab & Maharashtra Cooperative Bank is worth Rs.4,355 crore.The assets listed in the letter include ultra-luxury cars such as a Rolls Royce Phantom, Bentley Continental, a BMW 730 LD, as well as a humble Ambassador, owned by Rakesh Wadhawan.

It also lists assets owned by Sarang, Rakesh’s son, including a Falcon 2000 Aircraft, Audi AG, a FerrttiYacht 881, two electric cars, three Quad Bikes (ATV) and speed boat (Dolphin super deluxe 31HT, 7 seater).

Over 70 per cent of the bank’s advances went to HDIL group, which led to a huge crisis when the group defaulted on repayment.

Photo Courtesy: Google

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