The public notice, dated October 6, 2025, and published from the bank’s corporate office in Kalina, Santacruz East, details the sale under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002. The property—comprising Survey No. 344 (Part), CTS No. 1 in Village Dahisar, Taluka Borivali—has been mortgaged/charged to Unity Small Finance Bank as security for loans extended to Ravijoyt Finance and Leasing Private Limited (RFLPL), designated as the “Mortgagor,” and HDIL, the “Borrower.” Guarantors named in the notice include Mr. Rakesh Kumar Kuldeep Singh Wadhawan, the patriarch and founder of HDIL, and his son, Mr. Sarang Rakesh Wadhawan.

Constructive possession of the asset was taken over by the bank’s Authorised Officer on December 26, 2023, following defaults on outstanding dues totaling a staggering ₹2,059.30 crore (precisely ₹2,059 crore, 30 lakh, 48 thousand, 62 paise, inclusive of interest). The sale will proceed on an “As is where is,” “As is what is,” “Whatever there is,” and “No Recourse” basis, with an earnest money deposit of ₹15 crore required from prospective bidders. Detailed terms and conditions are available on the bank’s website, www.theunitybank.com.

This auction is a direct fallout from the Wadhawan family’s entanglement in what investigators describe as India’s largest banking fraud. The scandal erupted in 2019 when the Reserve Bank of India (RBI) placed DHFL under resolution after uncovering fraudulent loans amounting to over ₹34,615 crore disbursed to 66 shell companies controlled by the Wadhawan brothers—Kapil Wadhawan (DHFL’s former managing director) and Dheeraj Wadhawan (former director)—and their associates. These loans, routed through a consortium of 17 public sector banks led by Punjab National Bank (PNB), were allegedly siphoned off for personal enrichment and unrelated ventures, including Bollywood film financing and luxury real estate acquisitions.

The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have been probing the case since 2020, charging the Wadhawans with criminal conspiracy, cheating, and money laundering under the Prevention of Money Laundering Act (PMLA). HDIL, the family’s flagship realty firm founded by Rakesh Wadhawan in 1991, is also implicated in the ₹4,300 crore Punjab and Maharashtra Cooperative (PMC) Bank scam, where the bank had extended massive loans to HDIL without adequate collateral, leading to its collapse and the freezing of depositors’ accounts.

Recent judicial developments have intensified scrutiny on the family. On August 5, 2025, the Supreme Court cancelled bail for Dheeraj Wadhawan in the DHFL case, rejecting medical grounds for extension and directing him to surrender within two weeks. This followed the National Company Law Tribunal’s (NCLT) declaration of Kapil Wadhawan as bankrupt on August 19, 2025, amid mounting creditor pressures. Sarang Wadhawan, though less prominently charged, has been named as a guarantor in multiple recovery proceedings, including this Unity Bank action. Rakesh Wadhawan, now in his late 70s, has faced arrest and bail in related probes but remains a key figure in asset liquidation efforts.

The Dahisar property, bounded by Jaffri Creek to the north, the boundary of Eksar to the south, the Dahisar River to the east, and a narrow road creek plus boundary to the west, represents a trophy asset in Mumbai’s booming real estate corridor. Spanning 429 acres with corresponding extents, it holds immense redevelopment potential amid the city’s northward urban expansion. Industry experts estimate its market value could exceed the reserve price by 20-30%, factoring in locational premiums near the Western Express Highway and upcoming metro connectivity. However, bidders may face challenges from ongoing litigation and environmental clearances tied to the site’s creek-adjacent location.

This sale is part of a broader asset monetization drive by the DHFL resolution professional and individual lenders like Unity Bank, which has stepped up as a small finance bank post-merger with Centrum Financial Services. Over the past year, similar auctions have fetched recoveries from HDIL’s stalled projects in Thane and Virar, contributing to a cumulative ₹5,000 crore clawed back from the family’s empire. Yet, with total exposure across scams nearing ₹40,000 crore, full recovery remains elusive, highlighting systemic vulnerabilities in India’s non-banking financial sector.

As the e-auction portal opens bids, all eyes will be on whether this landmark sale marks a turning point in dismantling the remnants of the Wadhawan saga—or merely another chapter in India’s protracted battle against white-collar crime.

Also Read: HDIL’s Wadhawan had gifted Bandra bungalow to trust in 2018

The post Exclusive: Wadhawan Family’s 429-Acre Dahisar Land Parcel Set for E-Auction at ₹1,234.62 Crore appeared first on Square Feat India.

The latest action in the DHFL case, dated September 5, 2025, targets assets linked to former promoters Kapil Wadhawan and Dheeraj Wadhawan. The attached properties include 154 flats and the receivables pertaining to another 20 flats located in Mumbai. This brings the total value of attachments in the DHFL investigation to ₹256.23 crore.

The ED’s probe is based on a CBI FIR filed against DHFL and the Wadhawan brothers for allegedly orchestrating a criminal conspiracy to defraud a consortium of 17 banks led by Union Bank of India. Investigations revealed that the accused siphoned off and misappropriated huge sums of bank loans by falsifying DHFL’s books. The agency also found that during 2017-18, the Wadhawans allegedly diverted funds to rig the price and trading volumes of DHFL’s publicly listed stock.

In a parallel move against their relatives, Rakesh and Sarang Wadhawan of Housing Development and Infrastructure Ltd. (HDIL), the ED has exposed another layer of the Punjab & Maharashtra Co-operative (PMC) Bank scam. The agency filed its third supplementary prosecution complaint (chargesheet) on June 4, 2025, which the Special PMLA Court took cognizance of on July 25, 2025.

This new complaint details how the promoters of HDIL allegedly laundered money from the fraudulent bank loans to acquire agricultural lands in Maharashtra’s Sindhudurg District. The land was acquired through a network of benamidars, allegedly led by an individual named Mukesh Khadpe, for a proposed Vijaydurg Port Project that was never executed. The ED has already attached these land parcels and has now requested their confiscation in the latest complaint.

The core of the PMC Bank scam involved HDIL and its group companies fraudulently obtaining Overdraft (OD) loans from the bank without sufficient documentation or mortgages. To prevent these loans from being classified as Non-Performing Assets (NPAs), bank officials colluded with the promoters, falsifying records by replacing 44 genuine NPA accounts of the HDIL group with 21,049 fictitious loan accounts to deceive the Reserve Bank of India and the bank’s depositors. To date, the ED has attached assets worth over ₹772 crore in the PMC Bank case.

With investigations progressing in both high-profile cases, the ED’s coordinated actions signal a tightening noose on the perpetrators of these massive financial frauds that have shaken the country’s banking and real estate sectors.

Also Read: Indiabulls takes possession of Villas, flats connected to Wadhawans in Mumbai

The post Wadhawans Under Fire: ED’s Twin Strike Attaches ₹186 Cr in DHFL Fraud, Files New Charges in PMC Bank Scam appeared first on Square Feat India.

By Varun Singh

Three homebuyers approached MahaRERA seeking relief against HDIL builder. However, they couldn’t be granted any relief from MahaRERA at this juncture.

Homebuyers Dharmedra Singh, Gaurav Seth and Neeraj Sharma approached MahaRERA.

They all are allottees in the project HDIL Paradise, located at Palghar west.

The homebuyers claimed that, the date of possession was long over, but they hadn’t received possession yet.

Also Read: Home Buyers Of HDIL Projects Wary, Post PMC Bank Scam

The project work was stalled, and incomplete. Some homebuyers sought from MahaRERA that the builder hand them possession at the earliest and pay them interest for delay.

Some homebuyers sought that HDIL refund them the money paid along with interest and compensation.

Advocate representing the respondent informed MahaRERA, that HDIL is under an insolvency resolution process and an insolvency resolution professional has been appointed by the NCLT order dated August 20, 2019.

Therefore these complaints cannot be proceeded until the insolvency resolution process is completed.

Also NCLT has imposed a moratorium against institution or continuation of any suits or proceedings against HDIL till insolvency resolution process is completed.

Also Read: Adani, Sunteck show interest to acquire HDIL

It was further informed that as soon as the Corporate Insolvency Resolution Process gets completed, claims of flat buyers in all the projects of HDIL will be settled in terms of the decision of the CoC, and subject to final approval of NCLT.

Thus view of these points Gautam Chaterjee, Chairman of MahaRERA, disposed off the complaint and said, “No relief under the provision of Real Estate (Regulation and Development) Act 2016 cannot be granted at this juncture.

HDIL builders are in trouble for quite some time. Many of there projects are stuck and the name of the promoters have popped up even in the PMC Bank Scam.

Adv Vinod Singh, a pracitisng advocate in Bombay High Court said, “The homebuyers will now have to wait till the final outcome of NCLT for them to get a final relief. They cannot even approach any other forum or court seeking relief against HDIL.”

Also Read: HDIL’s Wadhawan had gifted Bandra bungalow to trust in 2018

The post HDIL Homebuyers Get No Relief From MahaRERA appeared first on Square Feat India.

By Varun Singh

HDIL’s Rakesh Wadhawan and his wife Malti Wadhawan gifted the Wadahawan House located in Bandra to the family trust.

The trust is named Wadhwan Family Personal Assets Trust and has Anu Wadhawan, Malti Wadhawan, Rama Joshi and Madhuri Motwani as the trustees.

According to documents available with SquareFeatIndia Wadhawan House stands on a land measuring 9001 square foot.

The property has a built up area of 14, 585 square foot and is located in Bandra’s Pali Hill area.

HDIL’s promoter Rakesh Wadhawan and his wife Malti Wadhawan gifted the property to the family trust on November 3, 2018.

Documents reveal that Wadhawan House comprises of two basements, a ground floor and three upper floors. A stamp duty of Rs 1.47 crore was paid while registering the gift deed.

The address in the documents show that HDIL’s Rakesh Wadhawan, Malti and Anu reside at Wadhawan House. While the other two trustees have different addresses one is in Khar, the other in Bandra.

Rakesh Wadhawan gifted the bungalow to the trust around 10-11 months before the PMC Bank scam came out in the open.

Since the mismanagement of funds of the bank has come out in the open, HDIL’s Rakesh Wadhawan and Sarang Wadhawan have been facing a stormy weather.

Recently, the recovery cell of PMC Bank had put a luxurious Ferreti Yacht 881 and two aircrafts a Dassault Falcon and a Bombardier Challenger on sale.

Meanwhile, Adani, Sunteck and four other companies have shown interest in acquiring the debt laden HDIL, HDIL, is currently under Corporate Insolvency Resolution Process.

A total of six parties showed interest in acquiring the debt laden HDIL. HDIL is currently under Corporate insolvency resolution process. The details came out via a regulatory filing.

Also Read: Adani, Sunteck show interest to acquire HDIL

The post HDIL’s Wadhawan had gifted Bandra bungalow to trust in 2018 appeared first on Square Feat India.

By Varun Singh

A total of six parties showed interest in acquiring the debt laden HDIL. HDIL is currently under Corporate insolvency resolution process. The details came out via a regulatory filing.

The six companies that submitted Expression of Interest for Resolution plan of HDIL includes. Adani Properties Private Limited, Suraksha Asset Reconstruction Limited, Sunteck Realty Limited, International Asset Reconstruction Company Private Limited, N S Software, Harsha Vardhan Reddy.

Expression of Interest (EOI) inviting Resolution Applicants was published on February 16, 2020 and subsequently revised on March 9, 2020, March 24, 2020, April 24 2020, May 16 2020 and July 22, 2020. Submission of EOI was closed on July 31 2020. 

The Resolution Professional received six EOI from interested parties. Of which, Adani, Suraksha and Sunteck were found eligible.

While, N S Software and Reddy were found ineligible. International Asset Reconstruction Company Private Limited has not submitted the undertaking under section 29A of IBC in the required format on Stamp paper duly signed, stamped and notarized. They will become eligible once the required undertaking is submitted on or before August 8, 2020.

The Eligibility Criteria included Minimum Net worth (Rs 500 Crores) /Assets Under Management  (Rs 2,000 Crores)/ Committed Fun (Rs 250 Crores) as on March 31, 2019.

Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list i.e. by August 8, 2020 by sending an e‐mail on eoi.hdil@gmail.com.

After considering the objections, if any, received by the Resolution Professional, final list of Prospective Resolution Applicants (PRAs) will be published. The final list will also be uploaded on the website of the HDIL.

HDIL is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs,business and assets are being managed by the Resolution Professional, Abhay N Manudhane appointed by National Company Law Tribunal, Mumbai Bench, Mumbai.

Several home buyers are stuck after they invested in the properties being built by HDIL. They had become further wary after HDIL’s name cropped up in the PMC Bank Scam.

Many home buyers are hopeful that the stuck projects might move and things would work in their favour if big companies with sufficient fund come in.

Also Read: PMC Bank puts on sale a yacht and two aircrafts

The post Adani, Sunteck show interest to acquire HDIL appeared first on Square Feat India.