Finance

Mumbai court strikes down Rakesh Wadhawan’s bail plea in Rs 4,335-crore PMC Bank scam case

Mumbai: A PMLA court in Mumbai on Tuesday rejected the bail plea of HDIL promoter Rakesh Wadhawan, accused in the Rs 4,355-crore Punjab & Maharashtra Cooperative (PMC) Bank scam case. Wadhawan had sought bail claiming he had not violated any banking regulation and also urged court to consider his plea since he had tested positive for coronavirus inside jail.

Special Judge Prashant P Rajvaidya rejected his plea.

Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh Wadhawan, his son Sarang and others are accused in the Rs 4,355-crore PMC Bank scam which surfaced in September last year.

The case stems from massive loans given by PMC Bank to the now bankrupt HDIL.

The case is being probe by Enforcement Directorate, along with Economic Offences Wing of Mumbai police.

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