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Worst-ever banking crisis: Two directors of HDIL arrested

By Indian Mandarins- 04 Oct 2019
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Banking crisis in India seems to be looming large due to faulty policy as PMC Bank crisis is yet another addition to such brimming incidences with Mumbai police arresting two directors of HDIL – Rakesh Wadhavan and Sarang Wadhavan. Actually the responsibility of failing of PMC Bank is attributed to its 10 accounts out of 44 accounts in the PMC Bank.

 

The two directors were summoned by economic offence wing of Mumbai police but they did not turn up and they have been asked not to use property worth Rs 3,500 of HIDL. The company is accused of inflicting loss to the bank to the tune of Rs 4,355.4 crore.

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