PMC Bank scam: ED files chargesheet against HDIL promoters

Enforcement Directorate has filed the chargesheet against Housing Development Infrastructure Limited (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan in connection with the multi-crore Punjab and Maharashtra Cooperative Bank scam. The 7,000-page chargesheet was filed yesterday before Mumbai’s special court set up under the Prevention of Money Laundering Act.

The chargesheet explains the modus operandi adopted by the Wadhwans to cheat the



bank. The bank, over a long period of time, had given more than 6,700 crore rupees in loans to HDIL. Its total loans stand at around 9,000 crore. The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of bad loans. Twelve people, including top officials of the PMC Bank and HDIL, have so far been arrested in connection with the scam.