Overview

• On July 25, the Special PMLA Court in Mumbai formally took cognizance of the Enforcement Directorate’s third supplementary prosecution complaint filed on June 4.
• The latest complaint accuses HDIL promoters of laundering funds into agricultural land in Sindhudurg district through benami transactions linked to an unbuilt port project.
• ED investigators found that HDIL group companies repeatedly enhanced overdraft limits at PMC Bank without proper documentation to avoid non-performing asset classification.
• The probe uncovered fabrication of PMC Bank loan records by replacing 44 genuine NPA accounts with 21,049 fictitious accounts to mislead the RBI and depositors.
• To date, the Enforcement Directorate has provisionally attached over Rs 772 crore in assets as its PMLA proceedings advance, following initial and earlier supplementary complaints since 2019.