Mumbai News: Special PMLA Court Bars Sarang Wadhawan From Visiting Hyderabad In PMC Bank Fraud Case

Mumbai: The special PMLA court rejected Sarang Wadhawan’s plea to travel to Hyderabad, citing a complaint of threats received by the ED, under verification by Hyderabad police.

Travel Approved to Other Destinations

Wadhawan, prosecuted for money laundering in the PMC Bank fraud case, sought to visit Tamil Nadu, Goa, NCR, Uttarakhand, and Hyderabad from August 25 to September 25 for family time and religious visits.

The court allowed other destinations but barred Hyderabad, stating, “It is not just and proper to permit the applicant to visit Hyderabad.”

Mumbai: High Court Grants Bail To HDIL Promoters Rakesh And Sarang Wadhawan In PMC Bank Fraud Case

Background of PMC Bank Fraud Case

On September 30, 2019, Mumbai Police’s Economic Offences Wing registered a case against PMC Bank for a Rs 7,457.49 crore fraud involving loans to HDIL, masked by 21,049 fictitious accounts. Sarang and Rakesh Wadhawan were arrested on October 17, 2019.