The Economic Offences Wing on Thursday arrested HDIL top officials Rakesh Kumar Wadhawan and Sarang Wadhawan in connection with Punjab and Maharashtra Cooperative (PMC) Bank case.
Rakesh Kumar Wadhawan is the executive chairman of the HDIL, while Sarang Wadhawan is managing director. The authorities have also frozen their assets worth Rs 35,000 crore.
Acting upon the complaint filed by RBI-appointed administrator, an case of forgery, cheating and criminal conspiracy was registered against bank’s former chairman Waryam Singh, managing director Joy Thomas and other senior officials, along with the director of HDIL, Wadhawan.
PMC Bank created dummy accounts to hide HDIL’s NPAs
Earlier, the government had issued a lookout circular against the two directing the immigration authorities to ensure that they do not leave India through an airport or seaport.
HDIL is also embroiled in the crisis at PMC Bank, which has extended a substantial amount of loans to the company.
PMC Bank case raises question on role of RBI, auditors: Anurag Thakur
