PMC Bank case: 2 arrested after ED raids premises of Maha MLA office, his company

23-01-2021

The Enforcement Directorate (ED) officials, on Friday, arrested two people in connection with the Punjab and Maharashtra Cooperative (PMC) Bank scam case. Madan Gopal Chaturvedi, director of Vasai-Virar-based Viva Group and MD Mehul Thakur were taken into custody after conducted raids were conducted at five places including offices of Bahujan Vikas Aghadi MLA Hirendra Thakur and Viva Group, which is controlled by Thakur's family, for "illegal diversion of bank funds". The ED had conducted searches at the five locations belonging to Viva Group and it�s associates in Virar, Andheri, Juhu and Chembur areas. Rs 73 lakh in cash and digital and documentary evidence were recovered during the searches. According to ED investigation, PMC-scam accused Wadhawans of Housing Development Infrastructure Ltd (HDIL) in connivance with Viva Group diverted more than Rs 160 crore from HDIL to many entities belonging to Viva Group in the garb of commission. The investigative agency has filed a criminal case of money laundering against HDIL, its promoters Rakesh Kumar Wadhawan, Sarang Wadhawan, former chairman Waryam Singh and ex-managing director Joy Thomas in the PMC Bank fraud case. ED took cognisance of a Mumbai Police economic offences wing FIR against them that charged them with causing "wrongful loss, prima facie to the tune of Rs 4,355 crore to PMC Bank and corresponding gains to themselves". "Source of these funds from HDIL to Viva Group is apparently the illegal fund diversion from PMC Bank," said ED according to PTI. The central agency in the statement alleged that it is also investigating another case of Wadhawans siphoning off Rs 200 crore sanctioned by Yes Bank to a company called Mack Star Marketing Pvt Ltd. "This loan was siphoned by the Wadhawans by showing it for fictitious purpose," it said. Yes Bank, its promoters and executives are being probed as part of a different money laundering case linked to sanction of illegal loans to various entities. "It was found that Wadhawans illegally and fraudulently transferred two commercial properties of Mack Star in Kaledonia building, Andheri East (Mumbai) valued at Rs 34.36 crore to Viva Holding, a company of Viva Group," the ED claimed.