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PMC Bank Chairman, HDIL directors sent to police custody till October 16

Our Bureau Mumbai | Updated on October 14, 2019 Published on October 14, 2019

Rakesh Wadhawan and his son Sarang Wadhawan (FIle photo)

Waryam Singh, Chairman, PMC

New every details are being revealed day new, say police.

Waryam Singh, Chairman of PMC Bank, along with Rakesh and Sarang Wadhawan Chairman and MD of Housing Development Infrastructure Limited (HDIL), have been remanded to Police custody (PC) for two more days till October 16 for alleged financial irregularities with PMC Bank. 

The Economic Offenses Wing (EOW) had procured the PC of Singh, Rakesh and Sarang till October 14. They were produced in the Esplanade court on Monday.

The EOW sought and extension of custody as they needed more time to interrogate them for the alleged financial irregularities at the bank.  During the court proceedings, the Investigation Officer said that new details were being revealed every day and thus, they needed the extension.

Lawyers representing the Singh and Wadhawans said that their clients were cooperating, and they were willing to do so in the future as well. A list of all the properties were already given to EOW. 

However, both the lawyers pleaded that there should be some progress from EOW's side. The court asked EOW to speed up and get some substantial evidence against the accused. 

It is alleged that the Wadhwans took loans from PMC Bank between 2008 until 2019, and caused a huge loss to the tune of Rs. 4335.46 cr to the bank by committing various criminal acts. It is also alleged that the funds availed by HDIL were not utilized for designated purpose.

Published on October 14, 2019
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