HDIL Promoters Rakesh, Sarang Wadhwan Sent To ED Custody till Oct 22

Mumbai: More trouble, set up as a special PMLA court for the troubled Punjab and Maharashtra Co-operative (PMC) bank, Rakesh and Sarang Wadhwan to Enforcement Directorate (ED) custody till October 22 in Mumbai.

The Economic Offenses Wing of Mumbai Police had earlier arrested the father-son duo in connection with the bank scam. While making the arrest, EOW alleged that the bank management in collaboration with WADwans had investigated the banking regulator’s huge amount of loan defaults by HDIL group firms.

HDIL directors Sarang Wadhawan and Rakesh Kumar Wadhawan were arrested by the Economic Offenses Wing on October 3 in a Rs 4,355 crore fraud case in the PMC bank scam.

Apart from the arrest, his assets and assets worth Rs 35,000 crore have also been frozen by the authorities. The arrest came days after the government issued a Look Out Circular against the two directors after the government allegedly disclosed financial irregularities in HDIL.

The EOW made the arrest on 30 September after filing an FIR against the officials of PMC Bank and HDIL and constituting a special investigation team to investigate the case.

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