An Economic Offences Wing (EOW) court on Tuesday cancelled the interim bail granted to HDIL promoters Rakesh and Sarang Wadhawan, the main accused in the multi-crore Punjab & Maharashtra Co-operative (PMC) Bank fraud case, after the prosecution argued that they had concealed facts from the court. On March 30, an EOW court had granted the Wadhawans interim bail after they argued that they should be released due to the pandemic. The EOW, who were not served notice, were not present during the hearing. They moved the court for cancellation of their bail the same day. They submitted that this was not communicated to the court when seeking bail in March. The state High Power Committee had on March 25 recommended the release of undertrials and convicted prisoners, whose maximum punishment was seven years or less. “However, the Committee had excluded those facing trial under special Acts and those involved in bank fraud, money laundering and terror cases. The EOW argued that as the Wadhawans were charged with bank fraud, they should not be granted bail,” special public prosecutor Ajay Misar told Mirror. The prosecution’s case against the Wadhawans is that they conspired to obtain loans from the beleaguered PMC bank… Read full this story
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