The Mumbai police has arrested Housing Development and Infrastructure Limited (HDIL) directors Rakesh and Sarang Wadhawan in connection with the Punjab and Maharashtra Co-operative (PMC) Bank scam. The police have also frozen their assets. According to the FIR registered against them, they had taken a loan worth Rs 3,337 crore from the PMC bank which later turned into NPA. Few of the senior bank officials, including directors of the PMC bank were also involved in the fraud.
