Mumbai (Maharashtra) [India], February 22 (ANI): Mumbai Police have booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in a fresh case of Rs 88.47 crore fraud.

They defrauded a company by illegally selling eight office units of its Kaledonia building in the Andheri area.

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Mumbai's NM Joshi Marg Police Station registered the case and transferred the case to the Economic Offences Wing (EOW) and now the case is being investigated by the EOW of the Mumbai Police.

"We have booked HDIL promoters Rakesh and Sarang Wadhawan in a fresh case of Rs 88.47 crore fraud. They defrauded a company by illegally selling eight office units of its Kaledonia building in the Andheri area," said Mumbai Police.

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The police officer said that such a deal was done despite the Wadhawans not having the right to sell any part of the Kaledonia building.

The police have registered a case under sections 409 (criminal breach of trust by a public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property), 423 (fraudulent execution of the deed of transfer), 120B (punishment of criminal conspiracy) and 34 (common intention) of the Indian Penal Code (IPC).

Earlier, the Central Bureau of Investigation (CBI) has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in a new bank fraud case involving an amount of Rs 140 crore pertaining to their subsidiary Guruashish Construction.

The Wadhawans were booked by CBI in October 2020 in connection with a Rs 200 crore alleged loan fraud from Yes Bank and have been facing investigation by multiple agencies. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)