PMC Bank scam: Enforcement Directorate files 7,000-page chargesheet against HDIL promoters Rakesh Wadhawan, son Sarang
The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on 23 September for six months due to massive under-reporting of dud loans.
-
Wadhawans were initially arrested by Mumbai Police's EOW, which was probing the scam, and later taken into custody by the ED in October this year
-
The PMC Bank was placed under an RBI administrator on 23 September for six months due to massive under-reporting of dud loans
-
The bank, over a long period of time, had given more than Rs 6,700 crore in loans to HDIL, which is 73% of its total advances
Mumbai: The Enforcement Directorate on Monday filed a charge sheet against Housing Development Infrastructure Ltd (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan in connection with the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank scam.
The agency submitted its charge sheet, running into around 7,000 pages, before a special court set up under the Prevention of Money Laundering Act (PMLA).
The Wadhawans have been booked under various provisions of the PMLA.
Representational image. News18
Related Articles
The two were initially arrested by Mumbai Police's Economic Offences Wing (EOW), which was probing the scam, and
later taken into custody by the ED in October this year.
The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on 23 September for six
months due to massive under-reporting of dud loans.
The bank, over a long period of time, had given more than Rs 6,700 crore in loans to HDIL, which is 73 percent of its total advances, and which turned sour with a shift in the fortunes of the now bankrupt company.
Its total loans stand at around 9,000 crore and the deposits at over Rs 11,610 crore.
There have been massive protests across the city from the PMC Bank depositors following the RBI action.
Twelve people, including top officials of the PMC Bank and HDIL, have so far been arrested by the EOW in connection
with the scam.
also read
First day of Rs 2,000 currency exchange gets off to a rocky start across cities: What banks said
RBI governor Shaktikanta Das had on Monday said people should not panic and rush to return or exchange their Rs 2,000 currency notes as they have four months to do so. Even after September 30, the notes would continue to be legal, he asserted
Ashneer Grover unhappy with higher TCS on international credit card spending
As per the new regulation, international credit card spending will bring under the Reserve Bank of India's Liberalised Remittance Scheme (LRS)
Unexplained deposits of Rs 2,000 notes likely to attract IT dept's notice; Check details
Significant deposits after RBI's withdrawal decision is expected to draw the income tax department's attention