23 , February , 2023
In a major development, the Economic Offences Wing (EOW) of Mumbai Police on registered a First Information Report (FIR) against real estate group HDIL's promoters Rakesh Wadhawan and Sarang Wadhawan for alleged fraud of Rs 88.47 crore.
A police official informed that they are accused of duping a company by illegally selling office units in a building in suburban Andheri. The complaint was filed by the managing director of Maxstar Pvt Ltd, which was known as a group firm of HDIL.
“The Wadhawans were authorised to carry out transactions of Rs 20 lakh without permission of the investor company and Maxstar Pvt Ltd, but they allegedly executed sale deeds of office units on their own without consent of the investor company or Maxstar Pvt Ltd”, he stated.
The Managing Director of Maxstar approached Mumbai Police after he came across irregularities in the transactions, he informed further.
The FIR was registered under Indian Penal Code sections 409 (criminal breach of trust), 420 (cheating) and 423 (fraudulent execution of deed of transfer), and further probe is on, he said. The Wadhawans were earlier booked in Yes Bank and PMC Bank alleged fraud cases.
(WITH INPUTS TAKEN FROM PTI)
