PMC Bank scam: HDIL promoter’s custodial remand extended to October 24


The Prevention of Money Laundering Act(PMLA) court in Mumbai on Tuesday extended the custodial remand of HDIL Promoters Rakesh and Sarang Wadhawan in the PMC bank scam till October 24.

The Wadhawans were arrested by the Enforcement Directorate(ED) on October 18 in connection with the case and were produced in court seeking custodial remand. The PMLA court had then remanded the accused till October 22.

While seeking their remand, the prosecution informed the court that ED officials have identified around 50 properties bought by Wadhawans during the investigation.

The prosecution also told the court that there was a possibility that HDIL has bought properties from proceeds of crime and have sold it which needs to be identified and tracked. This has come to light from statements of witnesses who are employees of HDIL.

The prosecution sought the extension of custody for interrogating the accused stating that they were not cooperating.

The defense counsel Advocate Amit Desai representing Wadhawan argued there was nothing new in the old remand report.

Amit Desai also went on to say that even Economic Offences Wing(EOW) of Mumbai police has mentioned the same grounds while seeking remand. He told the court that properties of much larger amount were with the bank as security while the principal amount of loans borrowed were only of around Rs 1,600 to 1,800 crores. The prosecution then informed the court that the principal amount of loan was around Rs 2,500 crores.

The court extended the custodial remand of Wadhawans for two days till October 24 after hearing the argument from both sides.

Source By Indiatoday


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