These hotels, namely Hotel Conclave Boutique, Hotel Conclave Comfort and Hotel Conclave Executive, are owned by Libra Realtors, Deewan Realtors, Rakesh Kumar Wadhawan, Romy Mehra, Libra Hotels and its directors
The Enforcement Directorate (ED) on September 18 provisionally attached three hotels in New Delhi worth around Rs 100 crore under the Prevention of Money Laundering Act (PMLA) 2002, in connection with the Punjab and Maharashtra Cooperative (PMC) Bank case.
These hotels, namely Hotel Conclave Boutique, Hotel Conclave Comfort and Hotel Conclave Executive, are owned by Libra Realtors, Deewan Realtors, Rakesh Kumar Wadhawan, Romy Mehra, Libra Hotels and its directors, the probe agency said in a statement.
As per the investigation, the proceeds of crime of Rs 247 crore were fraudulently obtained by Libra Realtors and Deewam Realtors from PMC Bank in the guise of loans, which the ED said are a part of the Rs 6,117 crore owed to PMC by the HDIL Group.
The fraud at PMC Bank came to light in September last year after the Reserve Bank of India (RBI) discovered that the bank had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to the almost-bankrupt HDIL.
According to the RBI, the bank masked 44 problematic loan accounts, including those of HDIL, by tampering with its core banking system, and the accounts were accessible only to limited staff members.
HDIL promoters Rakesh Wadhawan and Sarang Wadhawan are the main accused in the alleged scam. The ED and the Economic Offences Wing of the Mumbai Police are investigating the alleged scam.