INDIA. Mumbai: The Central Bureau of Investigation (CBI) filed a Rs 140 crore new bank fraud case against HDIL’s subsidiary “Guruashish Construction”, involved in a scam related to the redevelopment of Patra Chawl located at Goregaon West in North Mumbai on Thursday.
The fresh action was initiated on a complaint from the Union Bank of India against the HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan, who are already involved in a Rs 4,300 crore Punjab and Maharashtra Cooperative Bank (PMC) scam, officials said.
– Advertisement –
The Union Bank alleged that “Guruashish Construction” was a wholly-owned subsidiary of Housing Development and Infrastructure Ltd (HDIL) in Mumbai’s real estate business.
The real estate firm entered into a five-year Rs 3,167 crore development contract with the Maharashtra Housing and Area Development Authority (MHADA) to develop 40 acres of land in Goregaon (West). The project’s first phase was scheduled to be completed by December 2017 for Rs 1,022 crore, for which a Rs 200 crore loan was sanctioned in 2010 and disbursed the following year by the Union Bank.
– Advertisement –
The “Guruashish Construction” s account was declared a non-performing asset in 2014 due to the non-servicing principal and interest. The forensic audit found a diversion of Rs 100 crore to parent company HDIL but no invoices or supporting documents justifying the transfer were kept on record.
The company…
