Wadhawan Duo, Waryam Singh Sent To Police Custody Till Oct 16 In PMC Scam Case
Mumbai: A Mumbai court on Monday sent former Punjab and Maharashtra Co-operative (PMC) chairman Variyam Singh and HDIL promoters Rakesh Wadhavan and Sarang Wadhawan to police custody in connection with a bank fraud case.
The Mumbai Esplanade court sent the three to police custody till 16 October.
Last week, Mumbai police arrested Wadhawan’s pair. According to police, PMC Bank officials gave loans to HDIL between 2008 and 2019 despite repayment of previous loans.
Former PMC Bank managing director Joy Thomas is already in police custody.
The EoW, which invested in the case, discovered that all the assets were purchased within the period of the commencement of 2012, at the same time when Rakesh and Sarang Wadhavan of HDIL started defaulting on the loan and borrowing the additional amount from PMC Bank.
Meanwhile, the Enforcement Directorate (ED) has attached the bank’s land of around 2,100 acres belonging to HDIL which could be worth over Rs 3,500 crore.
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