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. 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. #PMCBankScam #HDIL #RakeshWadhvan
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