On Monday, as depositors of the Punjab and Maharashtra Cooperative Bank were protesting in Mumbai asking for their money to be returned — some among them held up placards that read, “No Diwali for PMC account holders” — the Enforcement Directorate seized property worth Rs 3,830 crore of Rakesh Wadhawan, Sarang Wadhawan and Waryam Singh. The seized assets include a fleet of luxury cars and one speed boat.

The Wadhawan brothers own the Housing Development and Infrastructure Limited, which is accused of conspiring with Waryam Singh, former chairman of the PMC Bank, of defrauding the cooperative bank of around Rs 4,355 crore. All three of them, along with several other officials of the bank and the HDIL, have been booked by the police.

After discovering the fraud, the Reserve Bank of India on September 24 prohibited the bank from doing any business for the next six months. It also restricted withdrawals by the depositors to Rs 1,000. The amount was later raised to Rs 10,000 and eventually to Rs 25,000 on September 26. Prevented from taking out their own money, the agitated depositors have been staging protests at the bank’s branches across Mumbai, and at the Bharatiya Janata Party’s office in the city.

In a press release today, the Enforcement Directorate said it had seized “all the identified movable and immovable property owned by HDIL its directors and promoters, PMC Bank officials and other related entities of PMC Bank fraud case. The total value of the assets identified till now is more than Rs 3,830 crore”. Investigations are on “to identify and locate more such laundered assets”, the statement added.

Here, according to the press release, are the assets seized or frozen by the agency:

• Ten cars, including Rolls Royce, Bentley and Range Rover, were seized from the residence of Rakesh Wadhawan.
• Jewellery worth approximately Rs 66 crore was seized from various places, including the residence of Meena Rohra, a business associate of Rakesh Wadhawan.
• Four vehicles, including Audi, Fortuner, Innova and Scorpio, Buggies, Quadros, and a speed boat were seized from a farmhouse at Awas, Alibaug.
• Fixed deposits totalling to Rs 1.5 crore held in different banks were frozen.
• Two aircraft, Bombardier Challenger 300 VT and Falcon 2000 VT HDL, owned by Privilege Airways Private Limited were identified, and CEO, Mumbai International Airport, was informed to keep the aircraft in custody and not allow them to be used. Rakesh Wadhawan and Sarang Wadhawan are directors of Privilege Airways. 
• An 88-foot yacht, named Samara 1 and currently in the Maldives, was barred from sailing. The yacht is owned by Sapphire Land Development, a group company of the HDIL. 
• HDFC Bank accounts holding Rs 9.93 crore in Waryam Singh and his family members’ names were frozen.

The Enforcement Directorate is now looking  to attach, among other assets, two properties of the Wadhwans in United Arab Emirates and the United Kingdom.