‘Public’s money in PMC, had impact on economy’, BFSI News, ET BFSI
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“There is abundant material to hold that the applicant and his father connived with Waryam Singh (former chairman of PMC), raised huge loans in utter disregard to Reserve Bank of India (RBI) norms. In this way, proceeds of crime is generated, same was layered through bogus companies and ultimately offence of money laundering was committed by applicant (Sarang Wadhwan) and his father, HDIL promoter, Rakesh,” the court said.
Rakesh is also in jail in the case.
Sarang (48) was arrested in October 2019. His earlier attempts for bail were rejected by the court.
“There is absolutely no exceptional strong prima facie case nor change in circumstance for granting bail in this economic offence, wherein huge public money Rs 6117.93 crore had been laundered,” the court reasoned.
Special public prosecutor for Enforcement Directorate, Kavita Patil, had opposed Wadhawan’s plea for bail. In a 26-page order, the court said the defence arguments that since two years, the father and son are in jail without a trial, can neither be capitalized nor can be a grounds for granting bail. The court said restrictions due to Covid-19 were inevitable and no one could be blamed.
It said it was crystal clear that since the rejection of the first bail order in July 2020 until filing of the present plea, time was consumed in dealing with additional bail and other applications. “At the cost of repetition it has to be noted that it is the applicant (Sarang Wadhawan) and his father who are responsible for the same,” the court said.
It held that granting bail in economic offences of this nature would be against the larger interest of public.
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