Wad­hawans didn’t re­pay 4 other banks, three of them PSBs

PMC Bank MD Claims He Faced Threats

The Times of India (New Delhi edition) - - Times Nation - Ma­teen.Hafeez @times­group.com

Mum­bai: The fa­ther-son duo ar­rested in the Rs 4,355 crore bank loan fraud case had also taken loans from three na­tion­alised banks and a pri­vate bank and failed to re­pay them. This is what a probe into the Pun­jab & Ma­ha­rash­tra Co­op­er­a­tive Bank fraud case has re­vealed. The amount of the loans is still to be com­puted.

Also, as­sets worth Rs 500 crore be­long­ing to Rakesh and Sarang Wad­hawan — direc­tors of real es­tate group HDIL, to which the banks had ex­tended loans — have now been pro­vi­sion­ally at­tached. This in­cludes move­able and im­move­able prop­er­ties, shares, de­mat ac­counts of the ac­cused, said of­fi­cials from the eco­nomic of­fences wing, the probe agency. With this, the to­tal worth of im­pounded as­sets has crossed Rs 4,000 crore.

The Wad­hawans, HDIL and its sub­sidiaries had bor­rowed Rs 4,355 crore from the bank be­tween 2008 and 2019, but failed to re­pay out­stand­ings. An of­fi­cer said they have sought de­tails of the loans from the other four banks. “We want to check how much still re­mains un­paid,” said the of­fi­cer.

Be­sides the Wad­hwans, two top bank of­fi­cials — sus­pended MD Joy Thomas and ex-chair­man Waryam Singh — have been ar­rested. Po­lice sources said Thomas has told in­ter­roga­tors he had been vis­it­ing the Wad­hawans to seek re­pay­ment of the loan, but they did not pay heed. “Thomas claims he had told the Wad­hawans he would clas­sify their loan as a non-per­form­ing as­set. He says they told him that it would tar­nish their im­age in the mar­ket and, if that hap­pened, they threat­ened him say­ing that he would have to face the con­se­quences,” a source said.

As­sets to­talling Rs 500 crore be­long­ing to Sarang and Rakesh Wad­hawan (in pic) have now been pro­vi­sion­ally at­tached

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.