PMC Bank. (Photo | PTI) 
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PMC Bank scam: Enforcement Directorate files chargesheet against HDIL promoters

The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.

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MUMBAI: The Enforcement Directorate on Monday filed a charge sheet against Housing Development Infrastructure Ltd (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan in connection with the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank scam.

The agency submitted its charge sheet, running into around 7,000 pages, before a special court set up under the Prevention of Money Laundering Act (PMLA).

The Wadhawans have been booked under various provisions of the PMLA. The two were initially arrested by Mumbai Police's Economic Offences Wing (EOW), which was probing the scam, and later taken into custody by the ED in October this year.

The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.

The bank, over a long period of time, had given more than Rs 6,700 crore in loans to HDIL, which is 73 per cent of its total advances, and which turned sour with a shift in the fortunes of the now-bankrupt company.

Its total loans stand at around 9,000 crore and the deposits at over Rs 11,610 crore. There have been massive protests across city from the PMC Bank depositors following the RBI action.

Twelve people, including top officials of the PMC Bank and HDIL, have so far been arrested by the EOW in connection with the scam.

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