HDIL owes crores of interest on PMC bank loans

HDIL owes crores of interest on PMC bank loans
16/10/2019 , by , in News/Views

Probe into PMC Bank loan fraud case has revealed that HDIL’s dues to the bank include Rs 2,260 crore of principal and an additional Rs 2,815 by way of accumulated interest on it.

Rakesh and Sarang Wadhawan, the father-son duo who are directors of HDIL, are currently being questioned by the police.

Joy Thomas, former managing director of the bank accused of sanctioning loans to the Wadhawans and their companies, told the police the accused had repaid the bank Rs 500 crore in 2009.

“However, they did not repay Rs 4,355 crore that includes the principal and interest amount,” said an officer from the economic offences wing (EOW), the probe agency.

Thomas told the police since the bank had fixed an interest rate of 18-25% per annum on the loan, he was hopeful the bank would do good business. “However, the Wadhawans did not repay it,” Thomas told his interrogators.

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