In PMC Bank Crisis, Directors Of Firm Accused Of Loan Default Arrested

Housing Development Infrastructure Limited’s (HDIL) directors Rakesh Wadhawan and Sarang Wadhawan have been arrested by the Economic Offences Wing (EOW), Mumbai in the Punjab and Maharashtra Co-operative Bank Case, said the sources in the agency. The EOW has also provisionally attached properties worth Rs 3500 crore which includes land parcels and commercial premises.

The Wadhawans were unable to give satisfactory replies following which they were placed under arrest, stated sources. According to the agency, a total of 44 accounts linked with HDIL were masked by tampering bank software, which left them virtually hidden from the core banking system. Only a chosen few employees of PMC were in know of these bank accounts, revealed EOW sources.

The Mumbai Police had filed a case against the bank officials and HDIL promoters in the Punjab and Maharashtra Cooperative (PMC) Bank case on Monday