PMC Bank Scam: Desperate HDIL tells ED to liquidate assets for payment

As the Supreme Court on Wednesday agreed to hear a PIL on the PMC scam on an urgent basis, the HDIL promoters have written to agencies to sell their assets and make the payments to the PMC Bank. The PMC promoters Rakesh and Sarang Wadhawan through their letter dated October 16 has requested the agencies to sell off their attached assets at the fair market value, monetise it and start the process of repaying loans to PMC Bank. The promoters have written to ED, EOW, ministry of Finance, Reserve bank of India,  Governor, Deputy Governor. According to HDIL, they have securitised enough assets to the PMC banks as compared to the loan taken.

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What is in the letter by HDIL

In their letter to the agencies, the promoters said, “We state that, whilst denying the allegations raised in FIR no. 86/ 2019 and the allegations of money laundering and solely with the purpose to work towards the resolution of the matter in the interest of depositors. They said that they had communicated the above to the agencies on September 30 as well as October 1 letters as well.  They continued: "We request you to immediately take steps to sell the assets at the fair market value. They added, “We urge the Enforcement Directorate and Economic Offence Wing to take timely action by disposing off the assets to get the fair market value for the same. We further give our unconditional consent for the appropriation of the money received from the sale of these assets to be adjusted and appropriated towards the principal loan amount procured by us and the respective companies. It is in the larger public interest that the assets are disposed off so as to mitigate the present situation. The promoters extended "full co-operation and assistance" in order to implement the process of monetization of assets and repaying of PMC loans. 

READ: PMC Bank scam: SC agrees to hear PIL seeking protection for victims

The promoters have written to monetise the below assets:

1.   FerrttiYacht 881 hardtop owned by Sapphire Land Development Pvt. Ltd. (Purchased for Euro 52,95,000)
2.   Falcon 2000 Aircraft owned by Privilege Airways Ltd.
3.  Audi AG Imported (MH-04-DJ-4090) owned by Sarang Wadhawan
4.  Rolls Royce Phantom (MH-43-Q-0001) owned by Rakesh Wadhawan
5.  Bentley Continental (CH-01-AR-5500) owned by Rakesh Wadhawan
6.  BMW 730 LD (MH-48-F-5) owned by Rakesh Wadhawan
7.  Toyota Fortuner (MH-06-AZ-5337) owned by Rakesh Wadhawan
8.  Mahindra Bolero (MH-04-DR-658) owned by Rakesh Wadhawan
9.   Ambassador (MRH 5171) owned by Rakesh Wadhawan
10.   Range Rover (MH-04EK-2100) owned by Sapphire Land Development Pvt. Ltd.
11. Range Rover (MH-11-BV-0055) owned by privilege Industries Ltd.
12. Toyota Innova (KA 04 MH 2696)
13.   Toyota Fortuner (MH 06 AZ 5337)
14.    Mahindra Bolero (MH 04 DR 658)
15.  Audi Car (MH 04 DJ 4000)
16.  2 Electric Cars
17.  3 Quad Bikes (ATV)
18.  speed boat (Dolphin super deluxe 31HT, 7 seater)

WATCH: Amit Shah assures PMC clients: ED's seizures greater than scam amount

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