PMC Bank scam: Wadhawans request to sell yacht, BMW, other assets to pay off dues

PMC Bank (file image)

Promoters of real estate group HDIL, Rakesh and Sarang Wadhawan, who are the prime accused in the PMC Bank scam, have requested the RBI and investigation agencies to sell off their assets to pay off the bank’s dues. The assets include a yacht, a Rolls Royce and an aircraft among other things.

The Wadhawans were earlier remanded in judicial custody by a court in a letter to the Enforcement Directorate, the Union finance ministry and the RBI, requested that they are allowed to sell off 18 of their attached assets.

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According to the Mumbai Police’s Economic Offences Wing, which first arrested the Wadhawans, the scam at the Punjab & Maharashtra Cooperative Bank is worth 4,355 crore.

“We state that while denying the allegations raised in FIR no. 86/ 2019…solely with the purpose to work towards the resolution of the matter in the interest of depositors which was also communicated vide our earlier letters dated September 30, 2019, October 1, 2019 and October 3, 2019 sent to (ministry of Finance, Reserve bank of India), we request you to immediately take steps to sell the assets mentioned below… and adjust it towards the principal of the loans taken by the respective companies which own the assets…,” the letter signed by the arrested father and son duo read.

The assets listed in the letter include ultra-luxury cars such as a Rolls Royce Phantom, Bentley Continental, a BMW 730 LD, as well as a humble Ambassador, owned by Rakesh Wadhawan.

It also lists assets owned by Sarang, Rakesh’s son, including a Falcon 2000 Aircraft, Audi AG, a FerrttiYacht 881, two electric cars, three Quad Bikes (ATV) and speed boat (Dolphin super deluxe 31HT, 7 seater).

“It is in the larger public interest that the assets are disposed of so as to mitigate the present situation,” said the letter.

Over 70% of the bank’s advances went to HDIL group, which led to a huge crisis when the group defaulted on repayment.

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