HDIL Chairman, MD arrested in PMC Bank loan default case

Mumbai, Oct 3 : The Chairman and Managing Director of real estate company HDIL were arrested on Thursday in connection with the Rs 6,500 crore loan default of Punjab & Maharashtra Co-operative (PMC) Bank.

Accordingly, Rakesh Kumar Wadhawan, the Chairman, and Sarang Wadhawan, Managing Director of HDIL were arrested by the Economic Offences Wing (EOW) of the Mumbai Police.

Besides, the assets of HDIL worth Rs 3,500 crore have also been frozen.

The BJP Maharashtra Vice President and former Mumbai MP Kirit Somaiya added that the Mumbai Police EOW will also arrest PMC Bank’s Chairman Wareyam Singh and former CEO Joy Thomas.

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