Home Business Mumbai : Mumbai Economic Offence Wing Arrested HDIL chief Rakesh Wadhawan and Sarang Wadhwan in PMC Bank loan fraud Case

Mumbai : Mumbai Economic Offence Wing Arrested HDIL chief Rakesh Wadhawan and Sarang Wadhwan in PMC Bank loan fraud Case

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Mumbai : Mumbai Economic Offence Wing Arrested HDIL chief Rakesh Wadhawan and Sarang Wadhwan in PMC Bank loan fraud Case

Mumbai Police’ s Economic Offences wing Arrested HDI Director Rakesh Wadhawan and Managing Director Sarang Wadhwan in Mumbai on Monday.EOW Arrested them in connection of PMC Loan Fraud Case. They have been arrested under various Sections of IPC 420, 462 ,468 and many sections of IPC.

Brief Facts of the Case :

Kirit Somaiya orders forsenic audit of Bank and EOW in PMC HDIL fraud :

PMC Bank was a reputed institution but the nexus between the bank and HDIL leading to 3000 cr fraud has turned out to be extremely sensational thus putting the 9.02 lac depositors in a dilemna and predicament. This didnt go well with the Ex- BJP and present Vice-President of the party in Mumbai Kirit Somaiya who posed a challenge to RBI who imposed a restriction on the bank’s depositors to withdraw only Rs. 1000 now raised to Rs.10 000

Further intervening into the big fraud and loot by the bank Kirit had a discussion with the Maha Chief Minister Devendra Fadnavised with CM Devendra to initiate stringent course of action and relief and rehabilitation to the beleagured depositors. In his meeging with the Chief Minister he also put forward on the action against EOW Mumbai Police. He said ” I expect Interogation, action in couple of days and insisted for an order for a forsenic audit of PMC and EOW. As it will be known the actual financial status of the bank was camouflaged and the bank deceptively reflected a very rosy picture of its financial parameters. The big question is why and how did the bank passed an hefty loan to a real estate firm HDIL and its group companies which were the beneficiaries of 44 loans. Now with the intervention of the Mah CM, hope there will be a marginal relief to the countless depositors.

Compiled by: K.V.Raman

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