The PMC scam and the involvement of the HDIL group in the case is being taken to its logical conclusion. The ED has now filed a charge sheet against HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in the multi-crore PMC Bank default after the RBI forced the bank to cease its operations. The agency has submitted its charge sheet and launched investigations against the HDIL group under the Prevention of Money Laundering Act (PMLA), booking the promoters under the various provisions of the PMLA.

The PMC Bank, with around 1.6 million depositors, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. One of the biggest beneficiaries of this largesse was HDIL which had received loans worth Rs.6,700 crore from PMC Bank. These loans turned sour with HDIL sinking towards bankruptcy and this resulted in the bank being pushed to insolvency. In fact, HDIL accounted for 73% of all loans given by the PMC Bank. HDIL is already bankrupt and may not have any real impact. However, for depositors of PMC Bank, it will certainly be a relief.