Bail plea of HDIL promoter Sarang Wadhawan rejected

Bail plea of HDIL promoter Sarang Wadhawan rejected

It was another blow for Housing Development Infrastructure Limited (HDIL) director Sarang Wadhawan as his bail plea was rejected. On Thursday, a sessions court rejected his bail plea in connection with registered by the Economic Offences Wing (EOW). 

Sarang was arrested in the month of September. He is accused of INR1,034 crore Goregaon Patra Chawl redevelopment fraud case. The case was filed based on a complaint by the Maharashtra Housing and Area Development Authority (MHADA) in March 2018 against Guruashish Constructions (GC), which is a subsidiary of the HDIL group.

This is not the only case that is registered against Sarang. He and his father Rakesh are also facing charges in the PMC bank fraud case. Reserve Bank of India (RBI) had put restrictions on the PMC Bank under the Banking Regulation Act in September 2019. This was done due to the banking irregularities. Subsequently, charges were levied against, the promoters of HDIL, along with the banks' top management. The matter is still being investigated.

The depositors of the PMC bank have been protesting all this time and want RBI and government to intervene.