The case was registered on the basis of an FIR filed by the Economic Offence Wing (EoW) of Mumbai Police
The Enforcement Directorate, Maharashtra on Friday raided six locations in Mumbai after registering an Enforcement Case Investigation Report (ECIR) to probe erring bank officials on charges of money laundering in connection with the Punjab and Maharashtra Cooperative (PMC) Bank case.
The case was registered on the basis of an FIR filed by the Economic Offence Wing (EoW) of Mumbai Police under the Prevention of Money Laundering Act (PMLA), the ED officials said on Friday.
This comes a day after the EoW had arrested Housing Development Infrastructure Limited (HDIL) Directors Sarang Wadhawan and Rakesh Wadhwan, accused of loan default in connection with PMC Bank case.
The duo was arrested after they failed to cooperate in the investigation.
10 of 44 accounts which led to PMC Bank falling in debt were linked to HDIL. Personal accounts of Sarang and Wadhwan were among these 10 accounts.
On September 30, EOW of Mumbai Police had registered an FIR against senior officials of HDIL and PMC bank in connection with a fraud of over Rs 4,355 crores.
"EOW has formed a special investigation team for the probe. The FIR has been registered on the complaint given by one Jasbir Singh Matta," police had said in a press note.
According to the police, PMC bank officials gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.
The FIR was registered under Sections 409 (criminal breach of trust), 420 (cheating), 465 (forgery), 466 (forgery of record of court or public register), 471 (using a forged document as genuine) and 120B (criminal conspiracy).
Suspended MD Joy Thomas had on September 28 admitted that the bank did not report the financial exposure to the Reserve Bank of India (RBI) for over six years.
(With ANI inputs)
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