Two HDIL directors arrested in PMC Bank scam, property worth Rs 3,500 crore frozen
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Economy

Two HDIL directors arrested in PMC Bank scam, property worth Rs 3,500 crore frozen

HDIL directors Rakesh Wadhawan and his son Sarang Wadhawan, accused of loan default, were arrested by the Economic Offences Wing of Mumbai Police.

PTI    
Depositors affected by the PMC Bank scam had demonstrated in front of the Reserve Bank of India in 2019 | File photo: PTI

A depositor of Punjab and Maharashtra Cooperative (PMC) bank displays a placard during a protest over the bank's crisis, outside the RBI building in Mumbai on 1 October 2019 | PTI

Mumbai: Mumbai police on Thursday arrested two directors of the Housing Development Infrastructure Limited (HDIL) in the PMC Bank scam, a senior official said.

Rakesh Wadhawan and his son Sarang Wadhawan, accused of loan default, have been arrested by the Economic Offences Wing (EOW), the official said.

Properties worth Rs 3,500 crore of HDIL have also been frozen by the EOW, he said.

Also read: PMC scandal is a large warning sign to India’s banking system