Three accused in PMC Bank scam remanded to judicial custody till 23rd October

A Mumbai court has remanded three of the accused in PMC Bank scam to judicial custody till 23rd October.  The three accused, chairman and managing director of Housing Development Infrastructure Limited, Rakesh Wadhawan, his son Sarang and PMC Bank’s former chairman Waryam Singh were produced before Metropolitan Magistrate S G Shaikh yesterday. 

Later in the day, the Enforcement Directorate approached Mumbai’s special court for Prevention of Money Laundering Act cases, seeking the Wadhawans’ custody. The court asked the ED to complete necessary formalities and adjourned its plea without giving a specific date. 

Earlier this month, Economic Offences Wing of the Mumbai Police had registered a case against the Wadhawans and top officials of PMC Bank for allegedly causing losses to the tune of 4,355 crore rupees to the bank.

The Hindu

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