Waryam Singh, Chairman of PMC Bank, along with Rakesh and Sarang Wadhawan Chairman and MD of Housing Development Infrastructure Limited (HDIL), have been remanded to Police custody (PC) for two more days till October 16 for alleged financial irregularities with PMC Bank.
The Economic Offenses Wing (EOW) had procured the PC of Singh, Rakesh and Sarang till October 14. They were produced in the Esplanade court on Monday.
The EOW sought and extension of custody as they needed more time to interrogate them for the alleged financial irregularities at the bank. During the court proceedings, the Investigation Officer said that new details were being revealed every day and thus, they needed the extension.
Lawyers representing the Singh and Wadhawans said that their clients were cooperating, and they were willing to do so in the future as well. A list of all the properties were already given to EOW.
However, both the lawyers pleaded that there should be some progress from EOW's side. The court asked EOW to speed up and get some substantial evidence against the accused.
It is alleged that the Wadhwans took loans from PMC Bank between 2008 until 2019, and caused a huge loss to the tune of Rs. 4335.46 cr to the bank by committing various criminal acts. It is also alleged that the funds availed by HDIL were not utilized for designated purpose.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.