PMC Bank case: HDIL promoters Rakesh and Sarang Wadhwan sent to ED custody till Oct 22

A special PMLA court here on Friday sent Housing Development and Infrastructure Limited (HDIL) promoters Rakesh and Sarang Wadhwan to Enforcement Directorate (ED) custody till October 22 in connection with the Punjab and Maharashtra Cooperative (PMC) Bank case.

Earlier on Wednesday, former PMC Bank director SS Arora was arrested by the Economic Offences Wing (EOW) of Mumbai Police in the matter.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

The ED has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by the HDIL in connection with the case.

According to the police, PMC bank officials gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.

So far, three people have died amid the crisis that has hit the PMC Bank.

On Thursday, former Prime Minister Manmohan Singh had appealed to his successor Narendra Modi, Finance Minister Nirmala Sitharaman and Maharashtra Chief Minister Devendra Fadnavis to look into the matter and resolve the grievances of the "16 lakh affected people".