{"id":1060,"date":"2019-10-24T14:41:45","date_gmt":"2019-10-24T14:41:45","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2019\/10\/24\/pmc-bank-scam-wadhawan-father-son-duo-get-judicial-custody\/"},"modified":"2019-10-24T14:41:45","modified_gmt":"2019-10-24T14:41:45","slug":"pmc-bank-scam-wadhawan-father-son-duo-get-judicial-custody","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2019\/10\/24\/pmc-bank-scam-wadhawan-father-son-duo-get-judicial-custody\/","title":{"rendered":"PMC Bank scam: Wadhawan father-son duo get judicial custody"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-1741063 size-full\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4.jpg\" alt=\"PMC Bank, PMC Bank scam,\u00a0Reserve Bank of India,\u00a0PMC Bank depositors,\u00a0RBI auditors,\u00a0HDIL, latest news on PMC bank scam\u00a0\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4.jpg 660w, https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"wp-image-1741063 size-full\" src=\"https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4.jpg\" alt=\"PMC Bank, PMC Bank scam,\u00a0Reserve Bank of India,\u00a0PMC Bank depositors,\u00a0RBI auditors,\u00a0HDIL, latest news on PMC bank scam\u00a0\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4.jpg 660w, https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/10\/pmc-bank-4-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">The ED case of money laundering was based on the FIR registered by the EOW.<\/span><\/figure>\n<\/div>\n<p>HDIL promoters Rakesh Wadhawan and his son Sarang, arrested in connection with the Rs 4,355-crore PMC Bank scam, were remanded to judicial custody on Thursday by a special court here. The Enforcement Directorate (ED) produced Housing Development Infrastructure Ltd\u2019s (HDIL) chairman and managing director Rakesh and his son before special Prevention of Money Laundering Act (PMLA) court judge P Rajvaidya, after their remand ended.<\/p>\n<p>The court remanded the duo in judicial custody after the central agency did not seek their further custody. The Wadhawans were arrested last month by Mumbai Police\u2019s Economic Offences Wing (EOW).<\/p>\n<p>The EOW had registered a case against them and top officials of the Punjab and Maharashtra Cooperative (PMC) Bank earlier this month for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank. It alleged that the bank management, in cahoots with the Wadhawans, concealed from the banking regulators\u2019 scrutiny huge loan defaults by the HDIL group firms.<\/p>\n<p>The bank officials replaced 44 loan accounts of the HDIL with 21,049 fictitious accounts to camouflage huge loan defaults by the real estate group, it said. The ED case of money laundering was based on the FIR registered by the EOW. Besides the father-son duo, police have arrested three former top officials of the bank in connection with the scam.<\/p>\n<div class=\"common-bottom-text\">\n<p>For latest coverage on <a href=\"https:\/\/www.financialexpress.com\/elections\/maharashtra-election-constituencies-list\/\" target=\"_blank\" rel=\"noopener noreferrer\">Maharashtra Assembly Election 2019<\/a> and <a href=\"https:\/\/www.financialexpress.com\/elections\/haryana-election-constituencies-list\/\" target=\"_blank\" rel=\"noopener noreferrer\">Haryana Assembly Election 2019<\/a>, log on to <a href=\"https:\/\/www.financialexpress.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">financialexpress.com<\/a>. We bring you full coverage of <a href=\"https:\/\/www.financialexpress.com\/elections\/\" target=\"_blank\" rel=\"noopener noreferrer\">Assembly Election 2019<\/a> on Financial Express, stay tuned for latest election updates. <\/p>\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-3860410179\"><div id=\"jobbi-3293159899\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] The ED case of money laundering was based on the FIR registered by the EOW. HDIL promoters Rakesh Wadhawan and his son Sarang, arrested in connection with the Rs 4,355-crore PMC Bank scam, were remanded to judicial custody on Thursday by a special court here. The Enforcement Directorate (ED) produced Housing Development Infrastructure Ltd\u2019s [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":1061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=1060"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/1061"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=1060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=1060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=1060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}