ED attaches assets of Veena developers in Mack Star case | Mumbai News – Times of India | IIT EXPERT

MUMBAI: Enforcement Directorate (ED) had attached commercial properties worth Rs. 36.7 crore belonging to Veena Developers in connection with a bank fraud case involving Rakesh Wadhawan, Sarang Wadhawan, promoters of HDIL and Mack Star Marketing company. The attached assets included two commercial units in the Kaledonia building, Andheri (East) and 27 shops in Veena Velocity in Palghar district.
The ED investigation revealed that the Wadhawans illegally and fraudulently transferred a commercial property of Mack Star located in the Kaledonia building to different individuals-firm without any actual payment or on nominal payment to Mack Star Marketing.The individual-films included kins senior politicians, including a former chief minister.
The Wadhawans cheated Mack Star Marketing by illegally selling the aforementioned properties without the consent of the majority shareholder (DE Shaw Group, which holds 83.36% shares) of Mack Star Marketing.
It was alleged, Kaledonia was constructed by Mack Star Marketing , which was controlled by the Wadhawans despite being minority stakeholders. The company spent Rs 1,000 crore in 2008 to construct the building. Between 2011 and 2016, the Wadhawans took a Rs 200 crore loan from Yes Bank in the name of Kaledonia without the knowledge of other stakeholders and used part of the loan money to repay dues of their companies to Yes Bank.
In 2004, a large slum development project near Andheri station was sanctioned under the SRA scheme. Mack Star Marketing, constructed Kaledonia building on the portion of the slum land and sold the commercial units in market, many of which purchased by kin of politicians at cheaper rates, which is under the ED scanner.

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