Punjab and Maharashtra Cooperative (PMC) Bank replaced 44 loan accounts of the HDIL group with over 21,000 fictitious loan accounts, and thus "camouflaged" defaults by the group, the police told a court here on Friday.
HDIL chairman and managing director Rakesh Wadhawan and his son Sarang were on Friday sent to police custody till October 9 in the Punjab Maharashtra Cooperative (PMC) Bank scam.
The ED and Mumbai Police case is against former bank management and promoters of the Housing Development Infrastructure Limited (HDIL).
The Chairman and Managing Director of real estate developer HDIL were arrested on Thursday in connection with the Rs 6,500 crore loan default case.
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