PMC Bank scam: BJP ex-MLA’s son 9th person to be held in case

“We have arrested Rajneet as he was part of the loan recovery committee. However, he could not recover the loans given to HDIL. We are also investigating if he had any links to HDIL,” DCP (EOW) Shrikant Paropkari said.

The police investigation into the scam, which led to restrictions being put on withdrawals by account holders, has found that in spite of being unable to repay loans, the bank kept on giving loans to HDIL and allegedly fudged their accounts in order to keep the losses under the radar of the RBI.

The police suspect some of the bank officials were hand-in-glove with HDIL and granted them loans in exchange for benefits. “We are awaiting forensic audit reports, which will make it clear if there was any quid pro quo between the Wadhawans and some of the bank employees,” an officer said.