Rakesh Wadhawan, Main Accused In PMC Bank Scam Tests Positive For Coronavirus

Wadhawan was serving time in Arthur Road central prison along with his son Sarang since last year in October.

Rakesh Wadhawan, Main Accused In PMC Bank Scam Tests Positive For Coronavirus

One of the main accused in the Punjab & Maharashtra Cooperative (PMC) bank's scam, Rakesh Wadhawan, has tested positive for coronavirus. As per reports, the accused was transferred from Arthur road jail to JJ Hospital after he complained of respiratory complications. The report states that on Friday, Wadhawan was tested positive and was moved to the COVID facility, GT Hospital. It has also been stated in the report that six of the inmates who were in contact with Wadhawan would have to take the coronavirus test, including his son Sarang Wadhawan.  

Rakesh and Sarang Wadhawan have been accused of committing fraud worth ₹6,670 crores in the PMC bank scam and misuse the bank’s assets for personal profits. The father-son duo was named in the FIR filed by the Reserve Bank of India (RBI) in September 2019, following which they were arrested in October 2019 by the Economic Offence Wing (EOW) in Mumbai.  

Following the arrest, a charge sheet against five people in the multi-crore PMC bank scam was submitted by the EOW. Names of former managing director of the bank Joy Thomas, former chairman Waryam Singh, former director of the bank Surjit Singh Arora, and Housing Development and Infrastructure Limited (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan were mentioned. As per media reports, the charge sheet also claimed that Rakesh Wadhawan was the key beneficiary who plotted and got loans with the help of other accused.

The Wadhawan duo is currently serving jail time in Arthur Road central prison in Mumbai. On Thursday, the father and son applied for a bail plea, which was rejected by a sessions court in Mumbai. As per media reports, the Judge stated that the Wadhawans tried to shift the blame on the bank officials and did not cooperate with the investigation.