HDIL directors Sarang Wadhawan, Rakesh Wadhawan arrested in PMC Bank case

Properties worth around Rs 3,500 crore, belonging to HDIL, have also been frozen by the EOW

Mumbai police on Thursday arrested two directors of the Housing Development Infrastructure Limited (HDIL) in the Punjab and Maharashtra Cooperative (PMC) Bank scam and also seized Rs 3,500 crore property of the company, a senior official said.

A Special Investigation Team of the Economic Offences Wing (EOW) arrested Rakesh Wadhawan, chairman and managing director of HDIL and his son Sarang Wadhawan for loan default, the official said.

Both the accused were called by EOW office to join the investigation, he said.

During their inquiry, police did not got satisfactory anwsers to specific questions, following which both were arrested on the