Mumbai's Esplanade court on Monday extended the police custody of former PMC Bank chairman and Housing Development and Infrastructure Limited (HDIL) directors, till October 16. HDIL directors Rakesh Wadhawan and Sarang Wadhwan's police custody was extended again along with former PMC Bank chairman Waryam Singh by Mumbai's Esplanade court.
New pieces of evidence are being tracked everyday, the investigating officer informed the court, adding two more days of custody is required to extract more information from the key accused in the bank fraud.
Meanwhile, the defence counsel said they will not object to the extension of their client's custody but they should show some development in the case.
The defence counsel also mentioned that a list of all the properties has been submitted to the Economic Offences Wing (EOW) of the Mumbai Police, adding that that the properties seized has a greater value than HDIL's exposure to the bank.
The EOW of the Mumbai Police has been interrogating all the arrested individuals for digging deeper in the bank fraud case that was going on for over a decade.
The Enforcement Directorate is probing alleged financial irregularities under the Prevention of Money Laundering Act (PMLA) after it filed a criminal case recently.
It had seized Rs 60 crore worth jewellery, a business jet, 15 cars, two fixed deposits worth Rs 1.5 crore and Rs 10 crore in connection with the case.
The ED case is based on an FIR filed by the Economic Offences Wing of Mumbai police.
The agency and Mumbai police case, based on a complaint by an RBI-appointed administrator, is against the former bank management and promoters of HDIL.
The complaint was filed on charges of forgery, cheating and criminal conspiracy against the officials.