Sarang Wadhawan’s release on bail: “You cannot shirk your responsibility, you are hand in hand with PMC officials,” the court said

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Dismissing the father-son duo of Housing Development and Infrastructure Limited (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan for bail in the Economic Offenses Wing (EOW) case against them, the Sessions Court made scathing remarks against them.

The duo had argued that they were not blamed for the ingredients of cheating and conspiracy offenses, as PMC officials distorted the facts to RBI by hiding their outstanding loans. They had no knowledge or party in the matter. Their lawyers Amit Desai and Subodh Desai had argued that the non-disclosure of non-performing assets and forgery of accounts was the result of the bank’s aspirations to grow.

Special Public Prosecutor for EOW Ajay Misar had opposed their request for bail, arguing that the adequate properties were not mortgaged by HDIL and that the mortgaged properties did not have good deeds. faith. He also told the court that the bank officials were conducting internal affairs as the applicants wanted and were in control of those matters. He also pointed out that around nine lakh depositors in the bank were affected by the fraud.

Additional Sessions Judge Sanjay N. Yadav stated in his order that the allegations against them are serious and that there is evidence indicating their involvement in the crime. “There is no indication that the defendants cooperated in the investigation. On the contrary, the accused is trying to shift the burden onto those in charge of the bank, ”he said.

Regarding their argument of not having a role in the conspiracy, the court said the act of intentional omission on the part of bank officials colluded with them. There is a loss of 6,121.07 crore, he said. It cannot be said that they are not responsible for the huge fraud. “They cannot escape their implication by claiming that the offense is committed by the PMC bank officials and that they have no role in it,” the bond dismissal order said, adding that ‘”It is clear that the plaintiffs have derived enormous financial benefits from the PMC. bank with the intention of non-repayment.

Further, Judge Yadav said that submitting title deeds without title in good faith shows their role in the crime. Noting their non-repayment of loans granted and the inaction of bank officials, the court said it suggested that managing director Joy Thomas, chairman Waryam Singh, bank directors and Rakesh Wadhawan and Sarang Wadhawan are “hand in hand” and their conduct shows that they all “conspired to commit the offense and cheat the bank”.

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Posted on: Saturday July 11, 2020, 7:00 a.m. IST


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