Recently, there is a body which will create excitement in the car market. Another case of financial fraud has come up this year. The Enforcement Directorate (ED) recently seized a dozen cars, including high-end luxury models. The move is linked to Housing Development and Infrastructure Limited and the PMC Bank loan scam. The enforcement agency has seized a total of 12 cars from the residence of father-son duo Rakesh Wadhavan and Sarang Wadhawan, both promoters of HDIL and among the main players in the case. The ED has earlier seized high-end luxury cars of other absconding traders, including Nirav Modi and Vijay Mallya, in the financial fraud case.
It is worth noting that the cars seized this time include Rolls Royce Phantom, Bentley Continental GT and other Rolls Royce models, Mercedes-Benz S-Class, two Range Rover SUVs and a BMW. Among the dozen cars seized by the Enforcement Directorate during raids at 6 locations in Mumbai. Apart from this, ED has also seized Mahindra Bolero, two Mahindra Scorpio SUVs, a Toyota Qualis and a Hindustan Motors Ambassador. The 6 places where ED has conducted raids include HDIL's main office in Bandra (East) and the residence of Rakesh Wadhawan, known as Wadhawan House in Bandra (West). Talking about, Wadhawan has also been accused of not repaying the loan of Rs 6,500 crore, which has been taken by the Punjab and Maharashtra Cooperative (PMC) Bank. He is arrested by the police for this and will be kept in custody till 9 October.
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