India

Yacht connected to major money laundering scandal in India allegedly in Maldives

Mumbai Enforcement Directorate (ED) has said that a yacht involved in one of the largest money laundering case has been docked in the Maldives.

Indian authorities have been investigating one of the largest investment companies, HDIL for not paying a loan from Punjab and Maharashtra Co-operative Bank. However, a number of other cases regarding the company has surfaced since the investigation began.

ED has searched six locations of 18 companies related to HDIL so far to find ten luxury cars. And the Mumbai Police have arrested the Chairman of HDIL, Rakesh Kumar Wadhawan along with his son, Sarang Wadhawan.

Yesterday, ED searched a private jet at the Mumbai airport and found goods over USD 8 million in worth. Indian authorities are working to verify the recent travels by the jet.

News outlets in India have reported that according to an ED Official, the HDIL Chairman and his son has a yacht they owned docked in the Maldives and an investigation is underway to find it.

Indian news agencies report that the Chairman of HDIL, Rakesh Kumar Wadhawan along with his son, Sarang Wadhawa had close relationships with Indian politicians.

ED has also found documents at an office related to HDIL that allegedly proves that bribes were given in the form of expensive gifts to politicians.