A special court under the Prevention of Money Laundering Act (PMLA) on Thursday granted bail to the promoter of Housing Development Infrastructure Limited’s (HDIL) promoter Sarang Wadhawan in a case concerning fraud of Yes Bank to the tune of Rs. 200 crores. The loan was granted by Yes Bank to Mack Star Marketing Pvt. Ltd that is linked to Wadhawan by a joint venture.
In the bail application filed through advocate Syed Ahmed, it was argued by counsels Subir Kumar and Niranjan Mundergi, that Wadhawan was never arrested in the case and hence is entitled to bail. He will however continue to remain in custody in other cases in which he is presently in judicial custody, including the fraud case concerning PMC bank.
