HDIL promoters Rakesh and Sarang Wadhawan said that they will auction his 18 attached properties including Rolls Royce and Aircraft.
Mumbai| Promoters of real estate company HDIL, accused in the Punjab and Maharashtra Co-operative (PMC) bank scam, are ready to repay the money by selling their attached assets. The company is accused of a Rs 4355 crore scam in collusion with bank officials. On Wednesday, HDIL promoters Rakesh and Sarang Wadhawan wrote to the finance ministry, RBI and investigative agencies. In this, he has said that he will auction his 18 attached properties including Rolls Royce and Aircraft.
The Economic Offenses Wing (EOW) of Mumbai Police has registered a case regarding the PMC bank scam. On Wednesday, the police arrested Surjit Singh Arora, former director of PMC Bank. This is the fifth major arrest in the scam. HDIL promoters Rakesh and Sarang Wadhawan (father-son), former bank chairman Varyam Singh and former MD Joy Thomas have also been arrested.
What is PMC bank scam?
Last month, the bank imposed a 6-month ban on PMC due to a loan scam in the bank and set a withdrawal limit for customers to Rs 1000. Later this limit was increased to 10 thousand and then 25 thousand and on Monday, 40 thousand rupees. Till the restrictions remain in force, account holders can withdraw only 40 thousand rupees from the bank. Thousands of account holders’ money has been stuck in the bank due to the scam. Account holders have been demonstrating continuously against the RBI order.
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