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EOW arrests HDIL’s Sarang Wadhawan in a redevelopment fraud case


India

EOW arrests HDIL’s Sarang Wadhawan in a redevelopment fraud case

Mumbai: Sarang Wadhawan, promoter of now beleaguered Housing Style and Infrastructure Ltd (HDIL) was as soon as arrested by the Economic Offence Fly (EOW) of the Mumbai Police, Monday in a case relating to alleged irregularities in a redevelopment mission. Wadhawan and his father, Rakesh are currently in judicial custody at Mumbai’s Arthur Avenue jail…

Mumbai: Sarang Wadhawan, promoter of now beleaguered Housing Style and Infrastructure Ltd (HDIL) was as soon as arrested by the Economic Offence Fly (EOW) of the Mumbai Police, Monday in a case relating to alleged irregularities in a redevelopment mission.

Wadhawan and his father, Rakesh are currently in judicial custody at Mumbai’s Arthur Avenue jail for his or her alleged roles within the over Rs 6,000 crore alleged fraud led to to Punjab & Maharashtra Cooperative (PMC) financial institution.

Sarang who was as soon as arrested on Monday will likely be produced sooner than a native court for desire of custody.

In 2018, according to the criticism given by Maharashtra Housing and Condo Style Authority (MHADA), a well-known files portray (FIR) was as soon as filed by the EOW against Guruashish Constructions Non-public (Pvt) Restricted (Ltd), a subsidiary of HDIL. The case has been registered against the subsidiary, its administrators collectively with Wadhawan beneath obvious sections of the Indian Penal Code (IPC) collectively with these beneath sections 120B (criminal conspiracy), 409 (criminal breach of have confidence) and 420 (dishonest).

In step with the criticism, MHADA had leased its land parcel in suburban Goregaon to Guruashish Construction to originate and redevelop almost 3,000 flats. Of these, 672 flats were to be constructed for rehabilitation of Mhada tenants, and sale rights for the final flats were with the HDIL subsidiary. MHADA alleges that as a change of redeveloping the design, they allegedly sold it to nine various builders for Rs 1,030 crore.

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