MUMBAI : The Enforcement Directorate on Thursday sealed about 5-acre bungalow of a HDIL promoter near Mumbai in connection with its money laundering probe in the Punjab and Maharashtra Co-operative (PMC) bank case, officials said. The ED is probing alleged financial irregularities under the Prevention of Money Laundering Act (PMLA) after it filed a criminal case recently. It had seized ₹60 crore worth jewellery, a business jet, 15 cars, two fixed deposits worth ₹1.5 crore and ₹10 crore in connection with the case. The ED case is based on an FIR filed by the Economic Offences Wing of Mumbai police. The agency and Mumbai police case, based on a complaint by an RBI-appointed administrator, is against the former bank management and promoters of HDIL.

Source: Mint October 11, 2019 05:03 UTC