PMC bank: Wadhawans bail rejected, offence grave says court

Ecomic 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 Whawan.

Whawan duo are accused in multi-crore rupee Punjab & Maharashtra Cooperative (PMC) Bank scam case.

y h sought bail claiming particular section of banking regulations was violated by m, contending that allegations of misdoings were against PMC officials and t m.

prosecution opposed plea, saying Whawans and or top officials of bank were "masterminds" and key beneficiariesof fraud at PMC Bank, and accused duo also commanded control over bank.

Accepting prosecution's arguments and perusing evidence on record, Judge SN Yav rejected ir bail on Thursday.

"Amurdermaybecommittedin heatofmoment upon passion being aroused. Anecomicoffence iscommittedwith coolcalculation and deliberate design with an eye on personal profit regardlessof consequencetocommunity, " he observed.

He furr said ecomic offences having deeprooted conspiracies and involving huge loss of public funds need to be viewed seriously and be considered grave offence affecting ecomy of country.

Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh Whawan 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. PTI AVI BNM BNM