A special court under the Prevention of Money Laundering Act (PMLA) on Monday granted bail to Rakesh Wadhawan and his son Sarang Wadhawan in a money laundering case concerning Goregaon’s Patra Chawl’s redevelopment in which the Maharashtra Housing and Area Development Authority (MHADA) allegedly suffered losses to the tune of Rs. 1,034 crores.
The court had taken cognizance of the charge sheet and summoned the accused. The accused had remained present on Monday and then made a plea for bail, which the court allowed. Both were released from custody in the case on a cash bail of Rs. 5 lakhs. In time, they would have to arrange persons to stand surety for them. The duo however would continue to remain in custody in multiple other cases in which they are involved, including the case of fraud on Punjab and Maharashtra Cooperative Bank (PMC) by their firm Housing Development and Infrastructure Limited (HDIL).
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