PMC Bank fraud case: ED attaches 3 Delhi hotels worth ₹100 cr1 min read . Updated: 18 Sep 2020, 06:02 PM IST
The hotels are based in the Kailash Colony, East of Kailash and Kalkaji areas of New Delhi.
New Delhi: Enforcement Directorate on Friday has provisionally attached under Prevention of Money Laundering Act, 2002 (PMLA) three immovable properties in New Delhi, having market value of around ₹100 crore in PMC Bank fraud case.
Investigation has revealed that proceeds of crime of ₹247 crore were obtained fraudulently by Libra Realtors, Deewan Realtors from PMC Bank in the guise of loans, said the probe agency. These loans are part of the ₹6,117 crore owed by HDIL group of companies to PMC Bank.
The hotels attached are as follows:
- Hotel Conclave Boutique now known as FAB HOTELS A-20, Kailash Colony, New Delhi
- Hotel Conclave Comfort now known as FAB HOTELS D-150, East of Kailash, New Delhi
- Hotel Conclave Executive now known as FAB HOTELS C-22, Kalkaji, New Delhi
Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the Reserve Bank of India (RBI) took control of it after detecting financial irregularities. Thousands of PMC depositors have been unable to access their deposits for a year as the RBI has capped withdrawals at ₹1 lakh.
The bulk of PMC's loan book was found to be disbursed to HDIL, and an RBI-appointed administrator, Jai Bhagwan Bhoria, has been trying to recover the dues in a bid to rescue the lender. Authorities have been investigating officials of both PMC and HDIL.
Set up in 1984, PMC is a regional co-operative lender with 137 branches across six states in India, and its sudden downfall in late September 2019, has left thousands of its depositors struggling.