PMC BANK SCAM ACCUSED RAKESH WADHAWAN ADMITTED IN HOSP

MUMBAI: Seventy-two-year-old Rakesh Wadhawan, an accused in the ₹6,670 crore Punjab and Maharashtra Co-operative (PMC) Bank scam and director of Housing Development Infrastructure Limited (HDIL) who was lodged in the Arthur Road central prison, has been admitted to JJ Hospital after he complained of breathlessness.

Deepak Pandey, inspector general of police (south range) confirmed the development and said that he was rushed to the hospital on Monday night.

Police sources said that his condition is said to stable now. When asked if Wadhawan will be undergoing a Covid test, Pandey said, “It will be decided by the doctors at JJ Hospital. He also has other comorbidities.” Wadhawan and his son Sarang were arrested on October 3, 2019, by the economic offence wing (EOW) in Mumbai after they were named in the FIR registered by Reserve Bank of India on September 30.

EOW in their charge sheet claimed that Rakesh is the key accused of the fraud as the ‘patriarch’ of the HDIL’S business. He gradually plotted the fraud and obtained loans from the bank with the help of other accused, the agency alleged. The police investigation has revealed that HDIL accounted for 73% of the bank’s total loan book.

On September 23, 2019, the RBI had placed restrictions on PMC Bank and barred it from proceeding fresh loans or accepting deposits.

The EOW has arrested a total of 15 people in the case. All accused have been booked under relevant sections of the Indian Penal Code.

POLICE SOURCES SAID THAT HIS CONDITION IS SAID TO STABLE NOW.