PMC Bank: Rakesh Wadhawan in hosp

Rakesh Wadhawan, Housing Development Infrastructure Limited (HDIL) promoter and a key accused in the ₹6,670-crore Punjab and Maharashtra Co-Operative Bank (PMC)

Rakesh Wadhawan, Housing Development Infrastructure Limited (HDIL) promoter and a key accused in the ₹6,670-crore Punjab and Maharashtra Co-Operative Bank (PMC) fraud, was admitted to JJ hospital on Thursday after he complained of chest pain at Arthur Road jail.

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JJ hospital dean Pallavi Saple said, “Wadhawan is in the MICU and his treatment is going on. His condition is not critical and he is under observation.”

His lawyer, Amit Desai, has moved the sessions court for interim relief. “An interim bail application was moved on Thursday after he was admitted. The court heard the appeal on Friday and has asked the hospital to submit a medical report on Saturday,” he said.

The Economic Offences Wing (EOW) on October 3, 2019 arrested Wadhawan, along with his son, Sarang, and PMC Bank managing director Joy Thomas, former PMC bank chairman Waryam Singh, among others. The bank illegally gave loans amounting to over ₹2,400 crore to HDIL Group. The principle loan amount snowballed into ₹6,670 crore liability for HDIL as the construction giant failed to repay loans between 2008 and 2019.

Top bank officials, in connivance with HDIL top bosses, concealed the massive irregularities and Non-Performing Assets (NPA) accounts of HDIL Group from the Reserve Bank of India (RBI).