PMC Bank scam: Court remands Rakesh Wadhawan, son to judicial custody

A Mumbai court has remanded HDIL promoters Rakesh Wadhawan and his son Sarang to judicial custody in connection with the 4,355 crore rupees PMC Bank scam.

The duo was produced before special Prevention of Money Laundering Act court Judge P Rajvaidya yesterday. 

The Wadhawans were arrested last month by Mumbai



Police's Economic Offences Wing. It alleged that PMC’s management replaced 44 loan accounts of the HDIL with 21,049 fictitious accounts to hide huge loan defaults by the real estate group.

Besides the father-son duo, police have arrested three former top officials of the bank in connection with the scam.