PMC Bank Case: Special court extends ED custody of Rakesh, Sarang Wadhawan till October 24

Mumbai's special Prevention of Money Laundering (PMLA) court on Tuesday extended the ED custody of Rakesh Kumar Wadhwan and his son Sarang Wadhawan, accused in the Punjab and Maharashtra Cooperative Bank fraud case, till October 24.

On October 18, the Enforcement Directorate was given their custody till October 22. The duo is also the promoter of Housing Development and Infrastructure Limited (HDIL).

The ED had also seized and identified assets worth more than Rs. 3,830 crore belonging to HDIL in connection with the case.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.