HDIL's Directors Arrested By Mumbai Police

New Delhi: Mumbai-based realty player HDIL’s directors Rakesh and Sarang Wadhawan have been arrested by the Mumbai police, according to news reports. The arrests have been made in the PMC bank case. 

The arrests were made by the Economic Offences Wing of the Mumbai police after first information reports (FIRs) were filed by the police against PMV Bank’s and HDIL’s officials. The FIR mentioned that the company took loans illegally from the bank and the bank hid the transactions from the regulatory authorities and the investors.

The FIR against the two entities were filed under Sections 409 (criminal breach of trust by a public servant or banker), 420 (cheating), and 465, 466 and 471 (related to forgery) of the Indian Penal Code along with 120 (b) (criminal conspiracy). 

HDIL’s Rakesh and Sarang were not able to answer the questions of the police in a satisfactory way and hence were placed under arrest.