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Bombay HC granted bail to HDIL promoters

More than four years since their arrest, Rakesh Wadhawan and his son Sarang, promoters of HDIL, walked out of Arthur Road jail on a surety bail of Rs 5 lakh each.

On April 5, Bombay HC had granted them bail in two separate cases linked to the alleged Rs 4,000 crore Punjab and Maharashtra Co-operative Bank fraud cases probed by Economic Offences Wing and the subsequent money-laundering case registered by ED in 2019.

HC had cited their long incarceration and delay in trial as primary reasons for grant of bail. The Wadhawans were arrested on Oct 3, 2019.

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