Housing Development and Infrastructure Ltd (HDIL) promoter Rakesh Wadhawan and his wife Malti Wadhawan had gifted the Wadahawan House located in Bandra to the family trust just around 10-11 months before the PMC Bank scam news broke in.
As per the report by Square Feat India, the trust is named as Wadhwan Family Personal Assets Trust. It has Anu Wadhawan, Malti Wadhawan, Rama Joshi and Madhuri Motwani as the trustees.
The Wadhawan House in Bandra (West) was raided by the Directorate of Enforcement (ED) in 2019 in relation with the PMC Bank scam along with several other properties.
The alleged fraud at PMC Bank came to light in September 2019 after the Reserve Bank detected that the bank had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to almost-bankrupt Housing Development and Infrastructure Ltd.
According to the RBI, the PMC bank had masked problematic 44 loan accounts, including HDIL loan accounts, by tampering with its core banking system, and the accounts were accessible only to limited staff members.
The city police's economic offence wing and the Enforcement Directorate (ED) had registered offences against senior bank officials and HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan.
