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PMC crisis: Special court extends custody of accused till 24 October

Oct 22, 2019 19:58 IST
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A special court in Mumbai extended ED custody of the accused in PMC Bank scam on Tuesday. Accused Rakesh Wadhawan, son Sarang Wadhawan’s custody was extended till 24 October. PMC Bank’s officials had loaned 73% of the bank’s total loan book to the Mumbai-based Housing Development and Infrastructure Ltd (HDIL). Out of the Rs 4,355.46 crore of loans under the scanner, Rs 2,145.78 crore were transferred to accounts held by HDIL, once considered the third-largest realty developer in India. PMC Bank was put under regulatory restrictions by the Reserve Bank of India in September following a Rs 4355 crore fraud. The RBI had capped the withdrawal limit to ₹1,000 and subsequently increased it to ₹40,000 in stages after a public outcry.