PMC bank scam: Interim bail of father-son duo Rakesh and Sarang Wadhawan cancelled

A magistrate court has cancelled the temporary bail it had granted to PMC bank scam accused and HDIL promoters Rakesh Wadhawan and Sarang Wadhawan.

The court had granted the bail on March 30 in the Economic Offences Wing (EOW) case registered against the two. The EOW had approached the court for a stay on the order immediately as they had not got intimation of the plea. The stay was granted and then the agency had moved for the cancellation of the bail.

EOW Special Public Prosecutor Ajay Misar argued for the cancellation of the bails on the grounds that the Wadhwans had suppressed facts before the court while seeking bail. “There was a High power Committee guideline of March 27 as per which interim bail cannot be granted in case of economic offences. But this was suppressed before court,” said Misar.

The Wadhawans are a key accused in the case wherein HDIL had taken loans from PMC bank from 2008 to 2019 without repaying previous loans. The bank’s huge exposure to HDIL allegedly constituted 73 per cent of its bad loans.

Mid last month, a Prevention of Money Laundering Act (PMLA) court had rejected the interim bail on medical grounds of Rakesh Wadhawan in the Enforcement Directorate case against him in the PMC bank scam case, a fraud pegged at Rs. 4,355 crore.

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