The Bombay High Court on April 5 granted bail to the promoters of Housing Development and Infrastructure Limited (HDIL) Rakesh Wadhawan and Sarang Wadhawan (father and son) in two cases registered against them by the Enforcement Directorate (ED) and the Economic Offence Wing (EOW) of the Mumbai police. The two were allegedly involved in a ₹4,000 crore fraud against Punjab and Maharashtra Cooperative (PMC) Bank.
Justice S.M. Modak heard a plea filed by the duo seeking bail after it was refused by the special PMLA (Prevention of Money Laundering Act) court. They were arrested by the EOW in October 2019 for allegedly conspiring with PMC bank management and staff to defraud it. In December 2019, the ED filed a case against them for money laundering.
The have received bail after four and half years and have been directed to submit a surety of ₹5 lakh each in both the cases.
