PMC Bank Crisis: HDIL Promoters Rakesh and Sarang Wadhwan Sent to ED Custody Till October 22
PMC Bank Customers. (Photo Credits: IANS)

Mumbai, October 18: In legal development in the PMC Bank Scam Case, a special PMLA Court on Friday sent HDIL promoters Rakesh Wadhwan and Sarang Wadhwan to Enforcement Directorate (ED) custody till October 22. Earlier, the Enforcement Directorate on Wednesday had sought custody of HDIL promoters Rakesh Wadhawan and his son Sarang in connection with the Rs 4,355 crore Punjab & Maharashtra Cooperative (PMC) Bank scam. PMC Bank Crisis: Mumbai Customer Dies of Heart-Attack, Third Death in a Week.

The Economic Offences Wing (EOW) of Mumbai Police had arrested Real estate firm Housing Development Infrastructure Ltd’s (HDIL) chairman and managing director Rakesh Wadhawan and his son in connection to the case. PMC Bank Crisis: Former Bank Director Surjit Singh Arora Arrested After Questioning by Economic Offences Wing, 5th Arrest in Case.

Read the Tweet Below

The EOW has alleged that the bank management and the Wadhawans concealed from the banking regulators’ scrutiny huge loan defaults by the HDIL group firms.

The bank officials replaced 44 loan accounts of HDIL with 21,049 fictitious accounts to camouflage huge loan defaults by the real estate group, it said. The Wadhawan duo, along with another accused, the bank’s former chairman Waryam Singh, were produced before Metropolitan Magistrate S G Shaikh as their custody ended on Wednesday. The court remanded them in judicial custody till October 23. Besides these three, the EOW has also arrested the bank’s former managing director Joy Thomas, whose police custody will expire on October 17. (With ANI Inputs)