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HomeTop NewsPMC crisis: Two airplanes, yacht belonging to HDIL to be sold

PMC crisis: Two airplanes, yacht belonging to HDIL to be sold

PMC bank, PMC crisis, PMC scam,Rakesh Wadhawan , HDIL, Airplanes,Sarang wadhwan,Punjab & Maharashtra Co-operative Bank ,RBI The court allowed RBI appointed administrator for PMC Bank to sell two airplanes and a yacht belonging to HDIL group promoters Rakesh Wadhawan and his son Sarang, the prime accused in the Rs 4,355-crore scam at the cooperative lender. According to the Mumbai Police’s EOW, the PMC Bank management, in cahoots with the Wadhawans, concealed from the banking regulators’ scrutiny huge loan defaults by HDIL group firms. The administrator had moved the metropolitan court, seeking its direction to sell movable assets attached by probe agencies in connection with the scam at Punjab & Maharashtra Co-operative Bank (PMC Bank).

According to the Mumbai Police’s Economic Offences Wing (EOW), the PMC Bank management, in cahoots with the Wadhawans, concealed from the banking regulators’ scrutiny huge loan defaults by HDIL group firms. Over 70 per cent of the bank’s advances went to HDIL group, which led to a huge crisis when the realty group defaulted on repayment, the EOW had said. The RBI had on September 24 imposed operational curbs on PMC Bank and appointed an administrator following detection of alleged financial irregularities.

Rakesh Wadhawan’s family member who is a social figure told Afternoon Voice, “ We believe in truth, “when going gets tough the tough gets going” we will follow the orders of the court and also cooperate in every inquiry as law abiding citizens.”

Developer and builder Rakesh Wadhwan is a very close associate of Congress’s former minister Kripa Shankar Singh, who was accused of keeping two pan cards and also having amassed undeclared properties. Meanwhile, three directors of PMC Bank, including two women, were arrested on Tuesday for their alleged role in the Rs 6,670-crore loan fraud case. The economic offences wing (EOW) of the local police suspect some of the bank directors and their relatives had prior knowledge of the scam as they had cleaned out their accounts before the RBI appointed an administrator for the bank.

HDIL owner Rakesh Wadhawan is also connected to an alleged cheating case involving real estate giant Rudra Buildwell. The case relates to a complaint by 50 flat buyers who alleged that they had booked flats in the real estate project in Ghaziabad’s Indirapuram in 2011 but it did not take off. Wadhawan was named in a charge sheet and summoned by the Delhi Police. Wadhawan’s family businesses span real estate, financial services and retail. For years the Wadhawans known for their love for flashy cars had virtually treated PMC Bank as a personal lender.

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