PMC scam: ED files PMLA case, raids at 6 places in Mumbai

TIL Desk/Business/New Delhi/ The Enforcement Directorate (ED) has filed a money laundering case in the Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank fraud matter, sources in the agency said on Friday. The sleuths of the federal financial investigation agency, are also carrying out raids at six locations in Mumbai.

The ED has filed an enforcement case investigation report (ECIR), equivalent to FIR, against Housing Development and Infrastructure Ltd (HDIL) and its promoters under various sections of Prevention of Money Laundering Act (PMLA) and has started probe into the matter.

Rakesh Wadhawan, executive chairman of HDIL, and his son Sarang, vice-chairman and MD of the group, have been named in the case filed by ED. The ED has started probed taking cognizance of Mumbai Police”s economic offences wing (EOW) FIR into the matter.