PMC Bank Case: Supreme Court Stays Bombay High Court Order

PMC Bank Case News

PMC Bank Case: The Supreme Court on Thursday stayed the Bombay High Court order in the PMC bank scam case. The Bombay High Court had ordered the transfer of HDIL promoters Rakesh Wadhavan and Sarang Wadhawan from Arthur Road Jail to their residence. Arrested for their alleged involvement in the PMC bank scam. A petition was filed against the order of the Bombay High Court on behalf of the Enforcement Directorate (ED) and the Economic Offenses Wing.

PMC Bank Case

Solicitor General Tushar Mehta, on behalf of the investigating agency. Referred the PMC Bank case to the Supreme Court and demanded an immediate hearing against the Bombay High Court order. Chief Justice S. a. A Supreme Court bench led by Bobde is hearing the case. Justice BR Gavai and Justice Suryakant are also in this bench.

₹7000 Crore Scam

Tushar Mehta said that the Punjab and Maharashtra Co-operative (PMC) bank scam is worth Rs 7000 crore and the High Court on Wednesday hearing a Public Interest Litigation (PIL) gave a very unusual order. Mehta told the bench that the father-son He is currently lodging in the Arthur Road Jail in judicial custody. If he transfers to his residence as per the High Court order, it will be like bail to him.

Bombay High Court

The Bombay High Court on Wednesday constituted a three-member committee to appraise and sell the assets of HDIL mortgaged in the case to recover the loan amount from the bank. The High Court had directed the Superintendent of Arthur Road Jail to transfer both the accused to their place of residence under the supervision of two jail guards to ensure their cooperation in the committee.

PMC Bank Case Came To Light in September

The order was given by the High Court while hearing a PIL. This bank fraud surfaced in September last year. The Economic Offenses Wing and IDI of Mumbai Police have registered cases against senior bank officials and HDIL promoters.