Mack Star ₹345 Crore Money Laundering Case: Special PMLA Court Takes Cognisance Of ED’s Complaint Against Wadhawans For Fraudulent Property Transfers

Mumbai: A special PMLA court on Tuesday took cognizance of the second supplementary prosecution complaint filed by the Enforcement Directorate in connection with the money laundering case linked to Mack Star Marketing Pvt Ltd. The ED claimed that Rakesh Wadhawan and Sarang Wadhawan had fraudulently sold the properties of Mack Star to the creditors of HDIL’s group companies owned by them.

The court while taking cognizance of ED’s second supplementary complaint, noted that the investigation revealed that the Wadhawans had defrauded Mack Star not only by obtaining illegal loans of Rs 200 Crore in Mack Star’s name by mortgaging its properties, but also by illegally transferring Mack Star’s properties to creditors of the HDIL Group to settle dues. Followed by this ED had attached several properties without the permission of DE Shaw/ODIL, majority shareholder in Mack star.

The court noted that the investigation revealed that this caused losses to Mack Star to the tune of Rs 345.48 crore and simultaneous undue gain to HDIL Group, their associates and the respective purchasers.

“Accused Wadhawan were one of the main persons who had cheated Mack Star by illegally transferring its properties thereby generating proceeds of crime (POC). They settled their outstanding with their creditors with part of the said generated POC. They received part of the said POC in their group companies and utilized it in their regular businesses by projected the same as untainted funds. They made efforts to obfuscate the POC and its end use,” the court further noted.