This Article is From Apr 17, 2020

Mumbai Court Denies Interim Bail To HDIL Promoter Rakesh Wadhawan In PMC Bank Scam Case

Rakesh Wadhawan, who is in his 60s, had sought bail on health ground citing the coronavirus outbreak. He has been booked under the Prevention of Money-Laundering Act (PMLA).

Mumbai Court Denies Interim Bail To HDIL Promoter Rakesh Wadhawan In PMC Bank Scam Case

Rakesh Wadhawan and his son Sarang are accused in the Rs 4,355-crore PMC Bank scam

Mumbai:

HDIL promoter Rakesh Wadhawan, currently lodged in jail in connection with the multi-crore rupees Punjab & Maharashtra Cooperative (PMC) Bank scam case, was denied interim bail on Friday by a special court in Mumbai.

Rakesh Wadhawan, who is in his 60s, had sought bail on health ground citing the coronavirus outbreak. He has been booked under the Prevention of Money-Laundering Act (PMLA).

His plea was rejected by special PMLA judge PP Rajvaidya.

In his application for interim bail, Rakesh Wadhawan had cited his advanced age and existing illnesses, and said he fears contracting the coronavirus infection in jail.

Housing Development and Infrastructure Ltd (HDIL) Rakesh Wadhawan and his son Sarang are accused, besides several others, in the Rs 4,355-crore PMC Bank scam which surfaced in September last year.

The case is being probe by the Enforcement Directorate, along with the Economic Offences Wing of the Mumbai police.

The case stems from massive loans given by PMC Bank to the now bankrupt HDIL.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)