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<ul><li>In a regulatory filing on Tuesday, <keyword id="39881" type="COMPANY" weightage="20" keywordseo="HDIL">HDIL</keyword> said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and <keyword id="1726468" type="PERSON" weightage="20" keywordseo="Harsha-Vardhan-Reddy">Harsha Vardhan Reddy</keyword> were found to be ineligible. </li><li>The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31.</li><li>Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. </li></ul> Adani Properties, <keyword id="221687" type="DOMAIN" weightage="20" keywordseo="Sunteck-Realty">Sunteck Realty</keyword> and <keyword id="9697928" type="COMPANY" weightage="20" keywordseo="suraksha-asset-reconstruction-ltd">Suraksha Asset Reconstruction Ltd</keyword> are among the companies which have submitted Expressions of Interest (EoI) to acquire the insolvent Housing Development and Infrastructure Limited (HDIL). In a regulatory filing on Tuesday, HDIL said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and Harsha Vardhan Reddy were found to be ineligible. "The Resolution Professional has received 6 (Six) EOI from interested parties," it said. The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31. Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. "After considering the objections, if any, received by the Resolution Professional, final list of Prospective Resolution Applicants (PRAs) will be published. The final list will also be uploaded on the website of the HDIL," it said. HDIL is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional, Abhay N. Manudhane appointed by <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword>, <keyword id="7469048" type="PERSON" weightage="20" keywordseo="mumbai-bench">Mumbai Bench</keyword>. Shares of HDIL on the BSE surged on the development. Currently, its shares on the BSE are at Rs 3.16, higher by 4.98 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zerodha-valued-itself-at-1-billion-hurun-unicorn-startups-list-bumps-it-up-to-3-billion-but-founder-says-valuation-doesnt-matter/articleshow/77347721.cms">Zerodha valued itself at $1 billion, Hurun unicorn startups list bumps it up to $3 billion but founder says valuation doesn't matter</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

Adani and Sunteck Realty show interest in acquiring HDIL

Mumbai, Dec 27 () The RBI-appointed administrator of scam-hit Punjab and Maharashtra Co-operative Bank has floated a request for proposal to appoint a consultant for valuation of two aircraft and a yacht owned by HDIL group firms.
These assets belong to HDIL group firms owned by Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 6,500-crore scam at the cooperative lender.
In November, a local court had allowed the cooperative bank's administrator, J B Bhoria, to sell two aircraft- Dassault Falcon 200 (VT-HDL) and Challenger 300 (VT-PIL)- and one yacht (Ferreti 881 HT).
 "The RBI-appointed administrator to PMC Bank intends to monetise a yacht and two aircraft through a transparent process. For the purpose, the administrator plans to appoint a valuer/consultant and invites proposals from interested parties," the administrator said in a public notice.
 Earlier this month, the administrator had invited bids from advisors/process coordinator to sell these three assets.
 The Enforcement Directorate (ED), which is probing the scam along with the Mumbai Police's Economic Offences Wing (EOW), has attached the movable properties of the Wadhawans.
 These properties comprise 15 luxury cars, a seven- seater speedboat, besides two aircraft and a yacht belonging to HDIL and its promoters.
 The ED had earlier told the court that it did not have any objection to disposal of two airplanes and a yacht by the PMC Bank administrator.
RBI Governor Shaktikanta Das had recently said the cooperative bank, with the help of professional valuers, is assessing the realisable value of assets mortgaged by borrowers as well the assets of the bank which have been seized by the EOW and ED.
 Das had said the forensic audit report of the bank is likely to be finalised by the end of this month. The cooperative bank has been under the RBI's restriction since September 23, 2019, after the regulator found financial irregularities including under reporting of loans and non performing assets of real estate developer HDIL.
 In September, had reported that the cooperative lender's actual exposure to the bankrupt HDIL is over Rs 6,500 crore -- which is 73 per cent of its entire assets of Rs 8,880 crore.
 In November, the RBI had informed the Bombay High Court that PMC Bank had used special codes to hide hundreds of dummy loan accounts of HDIL and of the 1,800 PMC Bank employees, only about 25 could access these loan accounts.
 The regulator had said these few employees used an access code to hide and restrict the visibility of these dummy accounts of the realty developer. HV ANU

PMC Bank crisis: Administrator to seek valuation of HDIL's aircraft, yacht

Mumbai, Nov 19 () Senior officials of scam-hit PMC Bank used special codes to hide hundreds of dummy loan accounts of HDIL, to which the bank had over 73 per cent of its loan exposure, the Reserve Bank informed the Bombay High Court on Tuesday.
In an affidavit, the RBI also said of the 1,800 employees of Punjab &amp; Maharashtra Cooperative (PMC) Bank, only about 25 of them could access the loans accounts of the now bankrupt real estate developer HDIL and its group entities.
The regulator said these few employees used an access code to hide and restrict the visibility of these dummy accounts of the realty developer.
The Reserve Bank is closely monitoring the situation at the bank and a forensic audit is underway, governor Shaktikanta Das had said earlier amid persisting uncertainty over depositors' funds.
"Senior officials of the PMC Bank had assigned certain specific access codes to the accounts belonging to HDIL and its group entities which were used for assigning restricted visibility," the RBI affidavit said.
"Less than 25 of the 1,800 staff of the bank, could access these loan accounts. As a result, all the stressed HDIL group accounts were omitted from the system," it added.
The arrested promoters of HDIL allegedly siphoned funds from PMC Bank by using overdraft facilities and the money was "disguised" as loan accounts by bank officials, the Economic Offences Wing of the Mumbai Police had said earlier.
The urban cooperative bank, which was placed under an RBI administrator on September 23, has an exposure to the bankrupt HDIL of over Rs 6,500 crore, which is 73 per cent of its entire assets of Rs 8,880 crore.
The RBI further said the undisclosed loan accounts to the HDIL group were sanctioned and renewed with approval of the bank's now-suspended managing director Joy Thomas, who is behind the bars now along with the bank chairman Wayram Singh.
"These loan sanctions are not recorded in the minutes of loans committee, recovery committee and so on," the affidavit said.
"PMC Bank submitted fraudulently manipulated data to the RBI for sample checks and the sample of accounts picked for inspection did not contain the undisclosed HDIL related accounts," it said.
The RBI also informed the court that depositors of the bank can approach the RBI-appointed administrator for withdrawal up to Rs 1 lakh in case of medical emergencies.
The withdrawal limit for account holders was initially Rs 1,000 per each customer for six months, which was later raised to Rs 10,000 and is now presently at Rs 50,000. SP HV AP BEN ZMN

Top PMC officials hid HDIL accounts from system: RBI to Bombay HC

Mumbai, Dec 30 () The RBI on Monday proposed reduction in loan amount an urban co-operative bank can lend to a single entity and a group of borrowers to 10 per cent and 25 per cent, respectively, with an aim to prevent PMC Bank like scams caused by large exposure to one group.
Currently, primary (urban) co-operative banks (UCBs) are permitted to have exposures up to 15 per cent and 40 per cent of their capital funds to a single borrower and a group of borrowers, respectively.
Punjab and Maharashtra Co-operative (PMC) Bank collapsed because of its huge exposure totalling Rs 6,226.01 crore to Housing Development and Infrastructure Ltd (HDIL) Group companies.
Earlier this month, the RBI Central Board had reviewed functioning of the urban cooperative banks and the enforcement framework.
In a draft circular, the RBI said large exposure of banks to single borrowers/parties or groups of connected borrowers/parties leads to credit concentration risk.
When large exposures to a few single parties/groups become non-performing, it affects the capital/net worth of the concerned bank significantly and, at times, leads to liquidity and solvency risk for the lender.
"Keeping in view the above aspects, the extant single/group exposure limits of UCBs have been reviewed and it has been decided to rationalize the single/group exposure limits for UCBs with a view to containing the concentration risk," the draft said on which the RBI had sought comments till January 20.
The RBI now proposes that the prudential exposure limits for UCBs for a single borrower/party and a group of connected borrowers/parties should henceforth be 10 per cent and 25 per cent, respectively, of their Tier-I capital. 
The revised exposure limits shall apply to all types of fresh exposures taken by UCBs, it said.
Also once the proposal comes into force, UCBs will have to bring down their existing exposures, which are in excess, within the aforesaid revised limits by March 31, 2023.
The draft also suggests that UCBs should have at least 50 per cent of their loan portfolio comprising loans of not more than Rs 25 lakh per borrower/party.
Further, it proposes to increase the overall priority sector lending (PSL) target for UCBs from the present level of 40 per cent of adjusted net bank credit (ANBC) to 75 per cent.
Following exposure of scam in the PMC Bank, which had over 9.15 lakh depositors, the RBI had imposed restrictions on withdrawals.
Statutory inspection of PMC by the RBI had revealed large group exposure toward Housing Development and Infrastructure Ltd (HDIL) Group companies to the tune of about Rs 6,226.01 crore (inclusive of interest accrued in the related accounts).
Out of the total exposure of Rs 6,226.01 crore at the end of March 2019 to the HDIL group, only Rs 439.58 crore was disclosed to the RBI and remaining Rs 5,786.43 crore remained undisclosed. NKD CS
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RBI proposes to tighten lending norms for UCBs

Bhubaneswar, Dec 13 () The RBI Central Board on Friday reviewed functioning of the urban cooperative banks and enforcement framework in the backdrop of scam in the Punjab and Maharashtra Cooperative (PMC) Bank affecting lakhs of depositors.
 The Central Board headed by RBI Governor Shaktikanta Das also discussed the current economic situation, as well as the domestic and global challenges facing the country, the central bank said in a release.
 "The Board's discussions focussed on issues related to urban cooperative banks, extension of enforcement policy and framework to cooperative banks and NBFCs (non-banking financial companies)," it said.
 Following exposure of scam in the PMC Bank, which had over 9.15 lakh depositors, the RBI had imposed restrictions on withdrawals.
 Statutory inspection of PMC by the RBI had revealed large group exposure toward Housing Development and Infrastructure Ltd (HDIL) Group companies to the tune of about Rs 6,226.01 crore (inclusive of interest accrued in the related accounts).
 Out of the total exposure of Rs 6,226.01 crore at the end of March 2019 to the HDIL group, only Rs 439.58 crore was disclosed to the RBI and remaining Rs 5,786.43 crore remained undisclosed.
 The RBI release further said the report on trend and progress of banking in India for the year 2018-19 and other policy and operational issues.
 RBI Deputy Governors N S Vishwanathan, B P Kanungo and Mahesh Kumar Jain and other directors of the Central Board -- N Chandrasekaran, Bharat Doshi, Sudhir Mankad, Manish Sabharwal, Ashok Gulati, Prasanna Kumar Mohanty, Satish Marathe, Swaminathan Gurumurthy and Revathy Iyer, attended the meeting.
 Union Finance Secretary Rajiv Kumar also attended the meeting. NKD CS HRS

RBI Central Board discusses functioning of co-operative banks

New Delhi, Nov 19 () Government owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on Tuesday.
 "According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to September 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 crore," Finance Minister Nirmala Sitharaman said in the Rajya Sabha.
 In the written reply, the minister further said that comprehensive measures have been taken to curb the incidence of frauds in banks, including freezing bank accounts of 3.38 lakh inoperative companies.
 Meanwhile in reply to another question, Minister of State for Finance Anurag Thakur said with the increase in limit of withdrawal to Rs 50,000 for customers of Punjab and Maharashtra Cooperative (PMC) Bank, 78 per cent of depositors of the bank will be able to withdraw their entire account balance.
 As on September 23, 2019 (date of imposition of RBI directions), total depositors of PMC Bank were 9,15,775 .
 The statutory inspection of the bank with reference to its position as on March 2019 conducted by RBI revealed large group exposure toward Housing Development and Infrastructure Limited (HDIL) Group companies to the tune of about Rs 6,226.01 crore.
 Out of the total exposure of Rs 6,226.01 crore as on March 31, 2019 to the HDIL group, only Rs 439.58 crore was disclosed to RBI and remaining Rs 5,786.43 crore remained undisclosed, he said. NKD 
RVK

PSBs reported frauds of over Rs 95,700 cr in Apr-Sep

Mumbai, Jan 6 () The RBI on Monday revised the Supervisory Action Framework (SAF) for urban cooperative banks to ensure expeditious resolution of financial stress being faced by some of them.
The move comes in the backdrop of the scam in Punjab and Maharashtra Cooperative (PMC) Bank causing distress to over 9 lakh depositors.
"Keeping in view the experience gained, it has been decided to further rationalise the SAF to make it more effective in bringing about the desired improvement in the UCBs as also expeditious resolution of UCBs experiencing financial stress," said a RBI notifications.
The central bank also added that it will continue to monitor asset quality, profitability and capital/net worth of UCBs under the revised SAF.
As per the revised norms, a UCB may be placed under SAF when its net NPAs exceed 6 per cent of its net advances.
Depending upon the severity of the stress, the RBI may ask them to curtail their lending powers, among other safeguards.
An urban cooperative bank could also be placed under SAF when it incurs losses for two consecutive financial years or has accumulated losses on its balance-sheet.
Further, issue of show cause notice for cancellation of banking license may be considered by the Reserve bank "when continued normal functioning of the UCB is no longer considered to be in the interest of its depositors/ public", the notification said.
"Supervisory action already taken under the earlier SAF will be reviewed and revised instructions, if any, will be issued to the UCBs concerned," it added.
Following the exposure of scam in the PMC Bank, which has over 9.15 lakh depositors, the RBI imposed restrictions on withdrawals.
Statutory inspection of PMC by the RBI had revealed large group exposure of about Rs 6,226.01 crore to Housing Development and Infrastructure Ltd (HDIL) Group companies.
Of the total exposure to the HDIL group, only Rs 439.58 crore was disclosed to the RBI, while Rs 5,786.43 crore remained undisclosed. NKD CS BAL

RBI revises supervisory norms for UCBs

New Delhi, Nov 20 () Distressed depositors of scam-hit PMC Bank on Wednesday held a day long protect outside the RBI office here, demanding their "hard earned" money be returned at the earliest.
A delegation of the depositors met a senior official of the Resrve Bank of India, who assured them efforts were on to address their problem.
Delhi resident Rajinder Singh, who says to have a deposit of about Rs 20 lakh in the bank, said that authorities should give them a time frame for refund of his money.
Another depositor Jagpreet Singh, having three accounts in the bank, said most of the affected people were senior citizens who had put in their life savings in the Punjab and Maharashtra Cooperative Bank.
The affected depositors raised slogans against the Reserve Bank, alleging that the central bank did not do its job.
They also alleged political connections behind the scam.
Statutory inspection of PMC by the RBI revealed large group exposure toward Housing Development and Infrastructure Limited (HDIL) Group companies to the tune of approximately Rs 6,226.01 crore (inclusive of interest accrued in the related accounts).
Out of total exposure of Rs 6,226.01 crore as of end-March, 2019 to the HDIL group, only Rs 439.58 crore was disclosed to the RBI and remaining Rs 5,786.43 crore remained undisclosed.
As on September 23, 2019 (date of imposition of RBI directions), total depositors of the bank were 9,15,775.
However, as on November 5, 2019, with withdrawal limit being increased to Rs 50,000, almost 78 per cent of the depositors will be able to withdraw entire amount deposited with PMC bank, thereby addressing depositors interest, Parliament was informed on Tuesday. NKD CS
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Distressed PMC depositors hold protest at RBI

Mumbai, Dec 31 () The Reserve Bank on Tuesday asked all urban cooperative banks (UCBs) with deposits of over Rs 100 crore to constitute a Board of Management (BoM) comprising experts to oversee their functioning.
The decision assumes significance against the backdrop of a scam at Punjab and Maharashtra Cooperative Bank leading to hardships to over 9 lakh depositors.
Under the present legal framework, the Board of Directors of a UCB perform both the executive and supervisory roles and has the responsibility to oversee the functioning of UCB as a co-operative society as well as its functions as a bank. 
"Since UCBs are accepting public deposits, it is imperative that a separate mechanism be put in place to protect the interests of depositors," the RBI said.
As per the guidelines on BoM: "There shall be a Board of Management (BoM) in every UCB with deposit size of Rs 100 crore and above in addition to the Board of Directors". 
The BoM will be constituted by the Board of Directors (BoD) of the UCBs concerned within one year, it added. 
 The BoM (excluding CEO) will have a minimum of five members and maximum of 12. The CEO would be a non-voting member.
"The BoM shall exercise oversight over the banking related functions of the UCBs, assist the BoD on formulation of the policy and any other related matters specifically delegated to it by the Board for proper functioning of the bank," the RBI said. 
 As per the guidelines, RBI will have powers to remove any member of BoM and/ or the CEO if the person is found to be not meeting the criteria prescribed by it or acting in a manner detrimental to the interests of the bank or its depositors or both.
 Following the exposure of scam in the PMC Bank, which had over 9.15 lakh depositors, the RBI imposed restrictions on withdrawals.
 Statutory inspection of PMC by the RBI had revealed large group exposure of about Rs 6,226.01 crore to Housing Development and Infrastructure Ltd (HDIL) Group companies.
 Of the total exposure to the HDIL group, only Rs 439.58 crore was disclosed to the RBI while Rs 5,786.43 crore remained undisclosed. 
 Meanwhile, the RBI has issued a comprehensive cyber security framework for UCBs. 
 The framework for UCBs has been formulated based on a graded approach. 
They have been categorised into four levels based on their digital depth and interconnectedness to the payment systems landscape. NKD CS MR
MR

RBI asks large UCBs to constitute Board of Management

Mumbai, Mar 21 () The Reserve Bank of India (RBI) on Saturday said it has extended regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for three more months till June 22, 2020. The RBI had put a six-month regulatory restriction on the bank on September 23, 2019, after finding out certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL. "It is hereby notified for the information of the public that the validity of the directive dated September 23, 2019, as modified from time to time, has been extended for a further period of three months from March 23, 2020 to June 22, 2020, subject to review," the RBI said in a release. It could be noted that unlike in the case of commercial banks, the RBI has no powers to draw up an enforceable scheme of reconstruction of a cooperative bank. "Nevertheless, in the interest of the depositors and the stability of the cooperative banking sector, the RBI, in consultation with various stakeholders and authorities, is trying to work out a scheme for revival of the bank," the release said. The restriction on PMC included barring the bank from lending and accepting fresh deposits. The RBI also superseded the board and the management of the bank and appointed an ex-RBI official as the administrator at the bank. HV MKJ

RBI extends regulatory restrictions on PMC Bank by 3 months

Mumbai, Mar 16 () The Essel Group on Monday said all the credit facilities availed by the group from the crippled Yes Bank are fully secured and that only the infra arm has taken the debt from the bank.The group in a statement also confirmed the Enforcement Directorate summon for group founder Subhash Chandra on March 18.The statement further claimed that "the Zee group has never made any transactions with Rana Kapoor (Yes Bank co-founder and the past MD who is now in ED custody) or his family or for that matter any private entities controlled by them and that "all credit facilities availed were fully secured".The ED has alleged that many companies including the Essel Group, Anil Ambani Group, HDIL, DHFL, among others have borrowed money from Yes Bank by giving kickbacks to Kapoor."We wish to confirm that the Enforcement Directorate has summoned Subhash Chandra on March 18 to make a statement on the information which is already available with them," the Zee group said in a statement. The statement further said Chandra will certainly be present to make the statement and will be more than happy to extend any support or cooperation requested by the ED. "However, the group wishes to clarify that most of the credit facilities were availed of by its infrastructure business and there is no debt on ZEEL, ZMCL, etc," it said. BEN MKJ

Zee Group says all loan from Yes Bank fully secured as ED summons Subhash Chandra on Mar 18

<ul><li>The Enforcement Directorate today arrested <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> the promoter of Dewan Housing Finance Ltd for reportedly diverting over ₹2,100 crore. </li><li>But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. </li><li>It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. </li></ul>The Enforcement Directorate today arrested Kapil Wadhawan the promoter of Dewan Housing <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">Finance Ltd for reportedly diverting over ₹2,100 crore.</a> Wadhawan will be in custody until January 29 and will have to undergo legal proceeding under the Prevention of Money Laundering Act. (PMLA). But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Here’s a look at Wadhawan Empire and its fall: The Wadhawan Empire <div type="image" title="30F4080F-C360-440F-A7B5-ED4FAEB954C2" msid="73713311" hostid="261"></div>

 From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. [embed image of Rolls Royce Phantom] Rakesh Wadhawan — the billionaire promoter of DHIL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. PMC Bank: A billion-dollar hole in the banking system <div type="image" title="BF576ACB-EF02-4CE7-ABA5-CC5C573E0AA2" msid="73713310" hostid="261"></div>

 The crisis-ridden bank's annual report for 2018-19 nowhere mentions exposure to any real estate firm and it only talks of MSME lending and NPAs at 3.76%. Two directors — Rakesh and Sarang Wadhawan — of HDIL that set off the massive crisis at the PMC Bank by defaulting on loans worth nearly ₹6,500 crore have been arrested. They were arrested by the Economic Offences Wing of the Mumbai Police. According to the complaint, HDIL and its group companies were the beneficiaries of 44 loans or 73% of PMC's total loan book size of ₹8,880 crore - a mammoth violation of regulations which forbid banks from handing out such a large proportion of cash to one sector, let alone a single firm. The <keyword id="366872" type="PERSON" weightage="20" keywordseo="Iqbal-Mirchi">Iqbal Mirchi</keyword> case: A fraud of ₹2186 crore <div type="image" title="CE1A3028-D4C1-46B2-B3AA-0E45E0BC55D3" msid="73713304" hostid="261"></div>

 The <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">agency has filed a criminal case</a> against Mirchi, his family members and others to probe money laundering charges for alleged illegal dealings in purchase and sale of five properties — Ceejay House, Sahil Bungalow, Rabia Mansion, Marium Lodge and Sea View at prime Worli locations in Mumbai. "Kapil Wadhawan, being chairman and managing director of Dewan Housing Finance Ltd (DHFL), had visited London along with a city-based real estate broker to meet Iqbal Mirchi in 2010. He has been instrumental in siphoning off huge amounts of money as part of the illegal deal between Mirchi and the Wadhawans," the ED said in its remand note.(hyperlink) According to<a href="https://www.firstpost.com/business/dhfl-chief-kapil-wadhawan-siphoned-off-over-rs-2100-cr-from-hfc-to-5-shell-companies-flouting-norms-ed-7966201.html"> media reports</a>, Kapil Wadhawan reportedly purchased shares in five shell companies — Faith Realtors Private Limited, Marvel Township Private Limited, Able Realty Private Limited, Poseidon Realty Private Limited, and Random Realtors Private Limited — to give away over ₹2,100 crore loan from DHFL. ED is said to believe that Wadhawan loans siphoned funds from DHFL to shell companies who later gave loan to <keyword id="8230719" type="UNKNOWN" weightage="20" keywordseo="sunblink">Sunblink</keyword> Real Estate which was linked with Iqbal Mirchi — a dead drug lord and the brother of fugitive gangster <keyword id="4703704" type="PERSON" weightage="20" keywordseo="Dawood-Abrahim">Dawood Abrahim</keyword>. (With Agencies) See also: <a href="https://www.businessinsider.in/stock-market/markets/article/rakesh-jhunjhunwala-warren-buffett-of-india-net-worth-and-portfolio-in-january-2020/articleshow/73693467.cms">The $2.6-billion Rakesh Jhunjhunwala, called the ‘Warren Buffett of India’, has to protect an image that was built over 35 long years</a>

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Adani and Sunteck Realty show interest in acquiring HDIL

IANS