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 ₹3,500 crore of HDIL have also been frozen by the EOW, he said.
HDIL is embroiled in the crisis at Punjab and Maharashtra Cooperative (PMC) Bank, which has extended substantial amount of loans to the company. Press Trust of India had earlier reported that the corporate affairs ministry has started an inspection of the books of accounts of realty firm HDIL, which has been unable to meet its debt obligations for quite sometime.
Incorporated in 1996, Mumbai-based HDIL mainly focused on real estate development in the Mumbai Metropolitan Region, which included clearing slum land and rehabilitating slum dwellers.
The PMC Bank crisis has also sparked renewed concerns about the health of banking sector.
The RBI has barred the Mumbai-based urban cooperative bank from renewing or granting any loans or making investments without prior approval of the central bank, while depositors can only withdraw a maximum of ₹10,000 from their PMC Bank accounts over the next six months. The Economic Offences Wing of Mumbai Police on Monday has filed a complaint, accusing the bank's management of concealing non-performing assets.
The FIR was filed against HDIL, and Punjab & Maharashtra Cooperative (PMC) Bank officials, including suspended MD Joy Thomas in PMC bank fraud case. EOW has formed a Special Investigation Team (SIT) to probe the matter.
The FIR alleged possible fraud and wrongful loss of ₹4,355 crore and charges of cheating against HDIL.
"Joy Thomas and board members did not paint a true picture to RBI. PMC Bank board held back information on NPAs deliberately," the FIR stated. (With Agency Inputs)
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