September 27, 2020
Business Featured

Interim bail for HDIL promoter Rakesh Wadhawan denied by the court in PMC bank scam

HDIL advertiser Rakesh Wadhawan, at present lodged in prison regarding the multi-crore rupees Punjab and Maharashtra Cooperative (PMC) Bank scam case, was denied interim bail Friday by an special court here.

Rakesh Wadhawan, who is in his 60s, had looked for bail health ground refering to the coronavirus spread. He has been prisoned under the Prevention of Money-Laundering Act (PMLA). His submission was dismissed by special PMLA judge PP Rajvaidya. In his application for interim bail, Rakesh Wadhawan had refered to his propelled age and existing diseases, and said that he fears getting the coronavirus contamination in jail.

Housing Development and Infrastructure Ltd (HDIL) advertiser Rakesh Wadhawan and his son Sarang are denounced, and a few others, in the Rs 4,355-crore PMC Bank trick which surfaced in September a year ago. The case is being investigated by the Enforcement Directorate, alongside the Economic Offenses Wing of the Mumbai police. The case originates from gigantic credits given by PMC Bank to the now bankrupt HDIL.

Pic Courtesy:google/ images are subject to copyright

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