Mumbai Court Cancels Interim Bail Of HDIL Promoter, Son In PMC Bank Scam

Mumbai:

A metropolitan Justice of the Peace court docket in Mumbai on Tuesday cancelled the intervening time bail granted to HDIL promoter Rakesh Wadhawan and his son Sarang Wadhawan, accused within the Rs four,355-crore Punjab and Maharashtra Cooperative (PMC) Financial institution rip-off.

The 2, lately in prison, had in March acquired intervening time bail from the Justice of the Peace court docket mentioning the coronavirus outbreak.

Right away, the Financial Offences Wing (EOW) of the Mumbai police, probing the case, had sought a keep at the order and moved the court docket for a cancellation in their bail.

The court docket had then stayed the transient bail order till additional course.

Ajay Missar, the particular public prosecutor showing for the EOW, stated the court docket accredited the company’s plea and cancelled the intervening time bail on Tuesday.

The prosecution had argued that whilst acquiring the bail, the defence didn’t tell the probe company about it.

The 2 had been arrested in October remaining yr, weeks after the financial institution rip-off got here to gentle. But even so them, a number of different most sensible financial institution officers are accused within the case.

The fraud got here to gentle in September after the Reserve Financial institution of India found out that the cooperative lender had allegedly created fictitious accounts to cover over Rs 6,700 crore in loans prolonged to the almost-bankrupt HDIL, an actual property corporate, with out following laws.

Along side the EOW, the Enforcement Directorate could also be probing the case.