The two obtained interim bail from the Justice of the Peace courtroom citing the COVID-19 outbreak (Representational)
Mumbai: A metropolitan Justice of the Peace courtroom in Mumbai on Tuesday cancelled the interim bail granted to HDIL promoter Rakesh Wadhawan and his son Sarang Wadhawan, accused within the Rs 4,355-crore Punjab and Maharashtra Cooperative (PMC) Bank rip-off.
The two, presently in jail, had in March obtained interim bail from the Justice of the Peace courtroom citing the coronavirus outbreak.
Immediately, the Economic Offences Wing (EOW) of the Mumbai police, probing the case, had sought a keep on the order and moved the courtroom for a cancellation of their bail.
The courtroom had then stayed the momentary bail order till additional course.
Ajay Missar, the particular public prosecutor showing for the EOW, stated the courtroom accepted the company’s plea and cancelled the interim bail on Tuesday.
The prosecution had argued that whereas acquiring the bail, the defence didn’t inform the probe company about it.
The two had been arrested in October final 12 months, weeks after the financial institution rip-off got here to mild. Besides them, a number of different high financial institution officers are accused within the case.
The fraud got here to mild in September after the Reserve Bank of India found that the cooperative lender had allegedly created fictitious accounts to cover over Rs 6,700 crore in loans prolonged to the almost-bankrupt HDIL, an actual property firm, with out following guidelines.
Along with the EOW, the Enforcement Directorate can also be probing the case.
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