Patra Chawl case ED attaches two immovable properties worth Rs 31.50 crore

The Enforcement Directorate ED provisionally attached two immovable properties totaling Rs 3150 crore under the provisions of the Prevention of Money Laundering Act 2002 PMLA in a case related to irregularities in the redevelopment of the Patra Chawl Project at Goregaon Mumbai by Ms Guru Ashish Construction Pvt Ltd the officials said on MondayIn the Patra Chawl case the agency had arrested Shiv Sena UBT leader Sanjay Raut last year he was later granted bail by the courtThe officials said that the attached assets are in the form of lands held by Rakesh Kumar Wadhawan and Sarang Kumar Wadhawan directors of Guru Ashish Construction Pvt Ltd Mumbai at Goa The ED initiated an investigation under the provisions of PMLA 2002 on the basis of an FIR registered by EOW Mumbai against Ms Guru Ashish Construction Pvt Ltd Rakesh Kumar Wadhwan Sarang Kumar Wadhwan and others based on a complaint filed by the Executive Engineer MHADA Mumbai under various sections of the IPCThe investigation under PMLA revealed that Ms Guru Ashish Construction Pvt Ltd was entrusted with the redevelopment of Patra Chawl Project for the rehabilitation of 672 tenants they saidDuring the relevant time Rakesh Kumar Wadhawan Sarang Wadhwan and others were the Directors of Ms Guru Ashish Construction Pvt Ltd A tripartite agreement was signed between society MHADA and Ms Guru Ashish Construction Pvt Ltd According to the agreement the developer was to provide flats to 672 tenants develop flats for MHADA and thereafter sell the remaining area The directors of Ms Guru Ashish Constructions misled MHADA and sold the FSI to nine developers and collected a net amount of approximately Rs 90179 crore without constructing the rehab portion for 672 displaced tenants and MHADA portion Furthermore Ms Guru Ashish Construction Pvt Ltd launched a project named Meadows and collected the booking from flat buyers worth around Rs 138 crore The total proceeds of crime generated by Directors of Ms Guru Ashish Constructions Pvt Ltd through illegal activities were approximately Rs 103979 crore the officials addedAlso Read Mumbai Boat enters prohibited waters sailor gives false information 15 bookedDuring the further course of investigation it was revealed that Rakesh Kumar Wadhawan and Sarang Wadhawan after receiving the aforementioned proceeds of crime in bank accounts of HDIL and its group companies further diverted these through bank accounts of HDIL andor its group companies namely GACPL Sapphire Land Development Pvt Ltd Satyam Realtors etc which finally reached the personal bank accounts of Rakesh Kumar Wadhawan and Sarang Wadhwan after multiple layering they saidDuring the period of 20112016 POC of Rs 385 crore from the account of Rakesh Wadhawan was utilized for prepayments of the installments against an availed loan of Rs 285 crore from India Bulls Housing Finance Ltd The loan was availed at a floating interest of 18537 for acquiring two plots of area of 1250 square meters and 15300 square meters in North Goa worth Rs 3150 crore during 2011 A payment of Rs 2 crore was also made to the seller of the plots from the personal account of Sarang Wadhwan officials further said