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PMC Bank case: HDIL promoters sent to police custody till October 9

Updated : October 05, 2019 06:56 PM IST

Promoters of debt-ridden Housing Development and Infrastructure Ltd (HDIL) Rakesh and Sarang Wadhawan were remanded to police custody till October 9 in connection with the alleged Rs 4,355 crore scam at the Punjab and Maharashtra Cooperative Bank.

On Thursday, the Economic Offences Wing of Mumbai Police had arrested Rakesh Wadhawan and his son Sarang in the case.

The EOW registered an FIR on Monday against senior officials of HDIL and PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.

Based on a complaint filed by the RBI-appointed administrator of the bank, the EOW has registered the First Information Report under IPC sections 409 (criminal breach of trust by a banker), 420 (cheating), and 465, 466 and 471 (related to forgery) along with 120 (b) (criminal conspiracy).

The FIR named former PMC Bank chairman Waryam Singh, former managing director Joy Thomas and other senior officials, besides the Wadhawan duo. HDIL promoters allegedly colluded with the bank management to take loans from its Bhandup branch in Mumbai, the FIR said.
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