The attached land parcels were having registered value of Rs 52.90 crore and the Proceeds of Crime to the tune of Rs 82.30 crore were utilised during the period from 2010 to 2013 for acquiring these parcels of land, the ED said.
Bandra Kurla Complex (BKC) police registered the case on court s order based on the complaint filed before it by the two hutments Fariuddin Shaikh (68) from Bharat Nagar and Hamidabano Shaikh (55) from Maharashtra Nagar (both in Bandra East).
The ED had initiated its probe on the basis of a case registered by the Economic Offences Wing against Guru Ashish Construction, Rakesh Wadhwan, Sarang Wadhwan and others on the basis of a complaint filed by an executive engineer of MHADA under sections of the Indian Penal Code.
The ED later learnt that Rakesh Wadhawan and Sarang Wadhawan further diverted these through bank accounts of HDIL and/or its group companies via GACPL, Sapphire Land Development Pvt Ltd, Satyam Realtors and the amount finally landed in the personal bank accounts of Rakesh Wadhawan and Sarang Wadhwan.
A special PMLA court here on Saturday granted bail to Yes Bank co-promoter Rana Kapoor in a money laundering case linked to the alleged diversion of bank loan fund worth Rs 200 crore. The case, in which he was granted bail on Saturday pertains to Rs 200 crore loan granted to Mackstar Marketing Pvt Ltd by Yes Bank.