Mumbai: The Enforcement Directorate (ED) on Thursday seized a posh farmhouse belonging to the Wadhwans (Rakesh and Sarang) at Vasai (W) in connection with the money laundering probe the agency has launched into the Rs 4,355 crore Punjab and Maharashtra Co-operative (PMC) bank fraud.
The Wadhwans figure as the prime accused in the fraud, along with the bank's former chairman Waryam Singh and Managing Director Joy Thomas.
Sources said that the 5 acre farmhouse of the Wadhwans' include a palatial bungalow and swimming polls, apart from huge lawns. The estimated real estate price of the farmhouse would run into hundreds of crores of rupees.
The documents pertaining to the farmhouse was obtained during a search of the Wadhwans' office and residential premises by the agency sleuths. It is suspected that the property was amongst the proceeds of crime of the Wadhwans whose exposure to the bank was over Rs 6,600 crore.
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In fact, the unpaid loans had triggered the crisis in the bank at the peril of lakhs of depositors across 7 states.
Prior to this, the ED had seized another 2.5 acre farmhouse of the Wadhwans' at Alibaug which housed a 22 room luxury mansion that was venue for the start-studded Bollywood parties thrown by the Wadhwans.
Furthermore, 15 high end vehicles--including Rolls Royace, Bentley, Jaguar and Mercedes- 2 private jets ( a Bombardier and a Falcon), Rs 60 crore worth jewellery, a luxury yacht had been seized earlier.
The palatial resident of the Wadhwans at Bandra has also been seized, while plans are a foot to confiscate the HDIL headquarters at Bandra (e).
The ED has also seized Rs. 10 crore worth deposits of Waryam Singh kept in various banks.
