PMC Bank fraud: Bombay HC grants bail to HDIL’s Wadhawans in 2 cases | Mumbai News – Times of India | IIT EXPERT



MUMBAI: Citing their prolonged pre-trial incarceration, Bombay high court on Friday granted bail to Rakesh Wadhawan and his son Sarang, promoters of Housing Development & Infrastructure Ltd (HDIL), in two separate cases linked to the alleged multi-crore fraud on Punjab and Maharashtra Co-operative (PMC) Bank.
The order paves the way for their release from Arthur Road jail, as they were earlier granted bail in other criminal cases against them.The father-son duo may be released on Monday, said lawyer Harshad Nimbalkar, who appeared for Rakesh.
The bail was granted by a single-judge bench of Justice S M Modak in the money-laundering case registered by Enforcement Directorate (ED) in Dec 2019, and the prior, predicate offence registered by Economic Offences Wing (EOW) of Mumbai Police for allegedly cheating PMC Bank of around Rs 4,000 crore. The bail was set on a personal bond and surety of Rs 5 lakh each.
HC denied cash bail after public prosecutor Hiten Venegaonkar opposed it.
The Wadhawans have been accused of a conspiracy with PMC Bank management and staff to cause it a huge loss. EOW arrested them on Oct 3, 2019. On Dec 16, 2019, ED lodged a money-laundering complaint against the Wadhawans before the special Prevention of Money Laundering Act (PMLA) court, and in Jan 2020, the court took cognisance of it.
On Friday, HC cited their long incarceration and delay in trial as primary reasons for grant of bail. After hearing senior counsel Aabad Ponda and advocate Subhash Jadhav, for Sarang, and Harshad Nimbalkar, for Rakesh, HC also cited parity as a ground since the chairperson of PMC Bank, a co-accused, was released on bail by HC’s Justice M S Karnik earlier this year.
Sarang (48), in his ED case bail plea, said that it was rejected on Oct 4, 2023, by the special PMLA court, hence he approached HC to seek liberty. His plea said the Criminal Procedure Code discourages keeping a person behind bars if he has put in more than one half of the period of imprisonment. The Wadhawans argued there was no justification for continued custody in absence of trial showing any signs of commencing and completely soon.
On Feb 2, 2022, HC had permitted Rakesh, a septuagenarian, to be shifted from KEM Hospital to a private facility to undergo bypass surgery at his own expense after he applied for medical bail.





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