Mumbai: The Enforcement Directorate (ED) raided six locations in Mumbai today in connection with financial irregularities and money laundering case of Punjab and Maharashtra Cooperative Bank (PMC). The raids were conducted at the residences of the promoters of Housing Development and Infrastructure Limited (HDIL) and PMC board members.
The ED had filed a case under the Prevention of Money Laundering Act (PMLA) based on an FIR registered by the Economic Offences Wing (EOW) of the Mumbai Police. The development comes after HDIL promotes Rakesh Wadhawan and his son Sarang were arrested by the Mumbai Police on charges of cheating, forgery and criminal conspiracy.
According to an officer, they had found records of alleged transfer from the bank to the personal accounts of the Wadhawans which were linked with HDIL entities that were password protected. The Reserve Bank of India had barred routine banking activities last month after the collapse of the bank.