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Rakesh, Sarang Wadhawan Held In PMC Case, Rs, 3,500 Assets Attached

Mumbai: The Economic Offence Wing (EOW) of the Mumbai Police on Thursday arrested Rakesh Wadhavan, acting chairman of Housing Development and Infrastructure Ltd (HDIL), vice chairman and managing director of the company Sarang Wadhawan in connection with the collapse of Punjab and Maharashtra Cooperative Bank (PMC).

The development came three days after the FIR was lodged and based on a complaint by the Reserve Bank of India, a lookout notice was issued against 17 people, including the father-son duo.

Properties worth Rs 3,500 crore of HDIL were also frozen by the EOW, an official said, PTI reported.

The RBI banned withdrawals last week after the bank was hit and was hit mainly by non-performing assets (NPAs).

The bank allegedly violated RBI norms by lending to HDIL in excess of the permissible limit. News agency PTI reported that a SIT has also been formed to investigate the matter and the loss is estimated at Rs 4,355 crore.

Last week, the central bank gave an exemption to PMC account holders to withdraw Rs 10,000. The bank has 137 branches spread across five states

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