The Supreme Court has granted interim bail for three months to Rakesh Wadhawan, the promoter of Housing Development Infrastructure Ltd (HDIL), in the Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, citing medical reasons. The court considered Wadhawan's health condition and specified that he would be allowed to stay at his residence under police custody at his own expense. The bench delegated the determination of the required police presence and related expenses to the state government. Wadhawan faces charges related to an alleged Rs 200-crore loan fraud from Yes Bank and is under investigation for an alleged Rs 4,300 crore loan fraud at PMC Bank.
In a recent development, the Supreme Court granted interim bail for three months to Rakesh Wadhawan, the promoter of Housing Development Infrastructure Ltd (HDIL), who is entangled in a Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, citing medical reasons. Justices Aniruddha Bose and Bela M Trivedi, presiding over the bench, considered Wadhawan's health condition in their decision to grant him bail.
The court, after reviewing medical reports, expressed the opinion that Wadhawan could be released on interim bail due to his health issues, specifying that he would be allowed to stay at his residence under police custody at his own expense. The bench delegated the determination of the required police presence and related expenses to the state government, to be billed weekly.
Additionally, the Supreme Court directed that if necessary, Wadhawan should be taken to IJ Hospital Mumbai for treatment. In the absence of suitable treatment there, the court suggested that he be transported to a private hospital. Wadhawan had approached the apex court challenging the Bombay High Court's October 26 decision that denied him bail on medical grounds.
The order followed arguments by senior advocate Mukul Rohatgi, representing the 71-year-old Wadhawan, who asserted that his client had been incarcerated for four years and was grappling with various health issues. Rohatgi presented Wadhawan's medical report as evidence of his health condition.
Rakesh Wadhawan, along with Sarang Wadhawan, faces charges filed by the Central Bureau of Investigation (CBI) in October 2020 related to an alleged Rs 200-crore loan fraud from Yes Bank. They are under investigation by multiple agencies, including the Enforcement Directorate (ED), in connection with a Prevention of Money Laundering Act case tied to an alleged Rs 4,300 crore loan fraud at PMC Bank.
Authorities allege that the firm had engaged in a Rs 3,167-crore development contract with the Maharashtra Housing and Area Development Authority (MHADA) for a 40-acre land development project in Mumbai's Goregaon (West) spanning five phases.
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