Court denies interim bail to Rakesh Wadhawan in PMC Bank scam

HDIL promoterRakesh Wadhawan, currently lodged in jail in connection with multi-crore rupees Punjab & Maharashtra Cooperative (PMC) Bank scam case, was denied interim bail on Friday by a special court.

Rakesh Wadhawan, who is in his 60s, had sought bail on health ground citing coronavirus outbreak. He has been booked under Prevention of Money-Laundering Act (PMLA). His plea was rejected by special PMLA judge PP Rajvaidya.

In his application for interim bail, Rakesh Wadhawan had cited his advanced and existing illnesses, and said he fears contracting coronavirus infection in jail. Housing Development and Infrastructure Ltd (HDIL) Rakesh Wadhawan and his son Sarang are accused, besides several ors, in Rs 4,355-crore PMC Bank scam which surfaced in September last year.

case is being probe by Enforcement Directorate, along with Ecomic Offences Wing of Mumbai police. case stems from massive loans given by PMC Bank to w bankrupt HDIL. 

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