 "Rakesh Wadhawan, promoters of Housing Development Infrastructure Ltd, and Waryam Singh, EX-Chairman, PMC Bank being produced in court in Mumbai in connection with the PMC Bank case in Mumbai on Wednesday, 9th Oct, 2019.- KAMLESH PEDNEKAR.")
Economic offence is committed with "cool calculations" for personal profit regardless of consequences to community and need to be viewed seriously, observed a court here while refusing bail to HDIL promoters Rakesh and Sarang Wadhawan.
The Wadhawan duo are accused in the multi-crore rupee Punjab & Maharashtra Cooperative (PMC) Bank scam case.
They had sought bail claiming no particular section of banking regulations was violated by them, contending that allegations of misdoings were against PMC officials and not them.
The prosecution opposed the plea, saying the Wadhawans and other top officials of the bank were "masterminds" and key beneficiariesof thefraud at PMC Bank, and
