Mumbai: The Central Bureau of Investigation (CBI) recently booked Housing Development and Infrastructure Limited (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan in a new bank fraud case involving an amount of Rs 140 crore pertaining to their subsidiary M/s Guruashish Construction Pvt Ltd, officials said on Thursday.
The fresh action was initiated on a complaint from Union Bank of India (UBI) against the businessmen who are embroiled in a Rs 4,300 crore Punjab and Maharashtra Cooperative (PMC) Bank scam case.
Wadhawans also used manipulated reports of the CAs and valuers
According to the CBI’s FIR registered on December 20, UBI Mumbai’s Deputy General Manager Debraj Bag had complained in June last year, alleging that the accused persons M/s Guruashish Construction Pvt Ltd and its directors/guarantors cheated the bank by availing a term loan of Rs 200 crore, which was sanctioned in October 2010 and revalidated in March 2011.
The term loan was sanctioned for the development of about 40 acres in Goregaon (W) in accordance with the agreement signed by the company with MHADA.
As per the FIR, the Wadhawans also used manipulated reports of the chartered accountant and valuers to defraud and mislead the bank for fund disbursal, which were diverted to associate/related entities of the borrower company and other dubious companies.
The Wadhawans were booked by the CBI in Oct 2020 in connection with a Rs200 crore alleged loan fraud from Yes Bank and have been facing investigation by multiple agencies.
