ED focuses on HDIL’s investments in UK, UAE
The Enforcement Directorate (ED) has begun tracing overseas assets owned by the Housing Development Infrastructure Limited (HDIL) group, as part of its investigation into the alleged Punjab and Maharashtra Co-operative Bank fraud case. The ED is probing a possible money laundering angle in the case.
The agency is focusing on assets that were procured by HDIL, an accused in the case, since 2008. Investigators are verifying information, including financial records, at their locations in the United Kingdom (UK) and United Arab Emirates (UAE), sources said.
HDIL is accused of causing a loss of Rs 4,335.46 crore to PMC Bank by failing to pay loans of an equivalent amount, drawn since 2008, from the latter till March this year. The outstanding dues of HDIL, which it owed to PMC bank, allegedly ballooned to Rs 4, 635.62 crore in August this year, sources said.