The HDIL group and PMC official nexus came into the light after the RBI put restrictions on the bank. Reportedly, out of the total loan almost 73% have been given to HDIL.
Mumbai| The Enforcement Directorate (ED) registered a money laundering case against some PMC bank officials and directors of realty firm HDIL Rakesh and Sarang Wadhawan in the PMC Bank case. The ED also raided 6 locations in Mumbai on Friday.
In a first definitive action post the PMC Bank fiasco, the Mumbai Police has arrested HDIL promoters Rakesh Wadhvan and Sarang Wadhvan. The arrest has been made by the Economic Affairs Wing of the Mumbai Police. Rakesh Kumar is Executive Chairman of the HDIL whereas Sarang Wadhvan is managing director of the company.
Also Read: RBI raises withdrawal limit for PMC Bank depositors from Rs 1000 to Rs 10,000
Earlier the government had issued a lookout notice against the two asking them to make sure that they do not leave the country. The HDIL group and PMC official nexus came into the light after the RBI put restrictions on the bank.
Reportedly, out of the total loan almost 73% have been given to HDIL.
FIR Against HDIL Officials
The Economic Offenses Wing of Mumbai Police has registered a case against the officials of the real estate company HDIL and the Punjab and Maharashtra Co-operative (PMC) Bank. The Economic Offenses Wing has set up a Special Investigation Team SIT to investigate the case.
The police have filed a lawsuit against 14 officers of the company and the bank under sections 409, 420, 465, 466, 471 and 120B of the Indian Penal Code IPC.
Several account holders of Punjab and Maharashtra Co-operative Bank (PMC) had lodged a police complaint against the bank officials on Thursday, a police official said, adding that public funds were levied against the chairman and its directors by the bank on behalf of customers. A complaint of embezzlement has been filed.
RBI had put restrictions on PMC Bank
The Reserve Bank of India has imposed a six-month ban on Punjab and Maharashtra Co-operative Bank Limited (PMC Bank) on charges of irregularities. The central bank has issued special guidelines to monitor all transactions of PMC Bank. This will affect the account holders as well. Under this, no depositor can withdraw more than 1,000 thousand rupees from his savings account, current account or any other deposit account.
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