Mumbai EOW arrests HDIL promoters for fraud

Earlier this week a First Information Report (FIR) was filed with the Mumbai Police’s Economic Offences Wing (EOW) by the managing director of Maxstar Pvt Ltd against Rakesh Wadhawan and Sarang Wadhawan, the promoters of the real estate company HDIL.

According to the report, the Wadhwans were authorised to conduct transactions totalling Rs 20 lakh without the authorization of the investor company or Maxstar Pt Ltd. However, the complainant claims but they carried out the sale deeds of office units exceeding the stipulated amount independently and without the permission of either party.

Upon discovering discrepancies in the transactions, the managing director of Maxstar Pvt Ltd contacted the Mumbai Police. Maxstar Pvt Ltd belongs to the HDIL Group. An FIR was logged under the Indian Criminal Code sections 409 (criminal breach of trust), 420 (cheating), and 423 (fraudulent execution of a deed of transfer).

The investigation for the same is currently underway. The Wadhawans have previously been detained in connection with alleged fraud cases at Yes Bank and PMC Bank.

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Mumbai EOW arrests HDIL promoters for fraud

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