PMC bank fraud: HC grants bail to HDIL promoters Sarang and Rakesh Wadhawan

The Bombay High Court on Friday granted bail to Housing Development and Infrastructure Ltd (HDIL) promoters Sarang Wadhawan and his father Rakesh Wadhawan in two cases related to alleged fraud of Rs 4000 crore in Punjab and Maharashtra Cooperative (PMC) Bank.

A single bench of Justice S M Modak granted the duo bail in the money laundering case lodged by the Enforcement Directorate (ED) as well as the predicate offence registered by the Mumbai police's Economic Offences Wing.

The bench directed the duo to submit a surety of Rs 5 lakh in each case.

The court, while granting them bail, took note of their long incarceration and delay in trial. The Wadhawans were arrested in October 2019 for allegedly conspiring with certain PMC staffers and causing the lender massive losses.

Sarang Wadhawan's counsel Aabad Ponda and advocate Subhash Jadhav had pointed out to HC that a co-accused, a senior bank official, was also granted bail in the case.

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