STRAP: Illegalities on account of pressure from HDIL promoters and bank MD, says court
Mumbai: While rejecting the bail plea of Housing Development and Infrastructure Limited (HDIL) promoter Sarang Wadhawan, the sessions court has observed that the illegalities and irregularities allegedly committed in the Punjab and Maharashtra Co-operative Bank (PMC Bank) were due to pressure exerted by Sarang Wadhawan, Rakesh Wadhawan and the bank’s then managing director, Joy Thomas.
Sarang Wadhawan had approached the court on the grounds that other accused had been granted bail while he had been in prison for three years. Also, he said there was not sufficient material to show that he played an active role in the scam.
Sessions Judge S M Tapkire rejected Wadhawan’s bail plea last month. In the detailed order made available on Tuesday, the judge observed that the records prima facie clarified that the applicant, along with his father and Joy Thomas, actively participated in the crime.
The order says that on account of the “illegal activities” and “crime” of the accused, PMC Bank had suffered huge losses to the tune of over ₹6,000 crore. “Thereby, the entire structure and foundation of PMC Bank has collapsed…” says the order, adding that all the depositors and account-holders had “suffered unbearable financial and mental pain, loss and agony” and thus the matter needed to be “considered sensitively”.
The court said that Sarang had obtained a huge loan for his…
