Key Points
The Enforcement Directorate (ED) has provisionally attached four floors of Hotel One Continental in Hyderabad worth Rs 43.84 crore in connection with a bank loan fraud case filed by Punjab and Maharashtra Co-operative Bank (PMC)..
The fraud against the bank is said to be to the tune of Rs 6117.93 crore...
According to the probe agency, the ED had launched a probe on the basis of a first information report (FIR) filed by the bank against Joy Thomas and Waryam Singh, both directors of PMC Bank, Rakesh Kumar Wadhawan, Sarang Wadhawan, and others under relevant sections of the Indian Penal Code...
During the scrutiny of the bank accounts of HDIL Group, a probe revealed that the entity had fraudulently siphoned off the proceeds of the crime while allegedly keeping PMC Bank in the dark..
