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PMC Bank scam: Supreme Court stays HC order allowing shifting of HDIL promoters from jail

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NEW DELHI: The Supreme Court on Thursday stayed the Bombay high court order directing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, arrested for their alleged involvement in the PMC Bank scam, from Mumbai’s Arthur Road Jail to their residence.

Solicitor general Tushar Mehta had earlier mentioned the matter before a bench and said the Punjab and Maharashtra Cooperative (PMC) Bank scam involved Rs 7,000 crore and the high court had on Wednesday passed a very “unusual order” while hearing a public interest litigation (PIL).

Mehta had told the bench that the father-son are presently lodged under Arthur Road jail in judicial custody and if they are shifted to their residence as per the high court’s order, it would be like bail to them.

The high court had on Wednesday set up a three-member committee for valuating and sale of encumbered assets of Housing Development and Infrastructure Limited (HDIL) to expeditiously recover dues payable by her firm to PMC bank.

The HC had directed the superintendent of Arthur Road jail to shift both the accused to their residence under the supervision of two jail guards to ensure their cooperation to the committee.

It had passed the order while hearing a PIL seeking direction for expeditious disposal of HDIL assets and properties attached by the Economic Offence Wing and the Enforcement Directorate and repaying PMC bank depositors at the earliest.

The fraud at PMC Bank came to light in September last year after the Reserve Bank of India (RBI) discovered that the bank had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to almost-bankrupt HDIL.

According to RBI, the PMC bank masked 44 problematic loan accounts, including those of HDIL, by tampering with its core banking system, and the accounts were accessible only to limited staff members.

Mumbai Police’s economic offences wing and the ED registered offences against senior bank officials and HDIL promoters.

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