Two HDIL directors held in PMC Bank scam; property attached
- Country:
- India
Mumbai police on Thursday arrested two directors of the Housing Development Infrastructure Limited (HDIL) in the Punjab and Maharashtra Cooperative (PMC) Bank scam, a senior official said. Rakesh Wadhawan and his son Sarang Wadhawan, accused of loan default, have been arrested by the Economic Offences Wing (EOW), the official said.
Properties worth Rs 3,500 crore of HDIL have also been frozen by the EOW, he said. "We arrested the two directors of HDIL after a detailed interrogation," the official said.
EOW had registered an FIR against senior officials of HDIL and PMC Bank over allegedly causing losses to the tune of Rs 4,355.43 crore to the bank. The offences were registered under Section 409 (criminal breach of trust by a public servant or banker), 420 (cheating), and 465, 466 and 471 (related to forgery) of the Indian Penal Code along with 120 (b) (criminal conspiracy), he said.
The EOW has also formed SIT to investigate the case, he said. The FIR had mentioned PMC Bank's now-suspended Managing Director Joy Thomas, Chairman Waryam Singh and other executives..
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Punjab
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