[PMC Bank fraud case] Bombay High Court rejects bail plea of Rakesh Wadhawan

The Bombay High Court on Thursday refused medical bail to Rakesh Wadhawan, founder of Housing Development Infrastructure Limited (HDIL), in relation to the PMC Bank fraud case..Wadhawan had sought release on health grounds considering his advanced age..He was arrested on charges of money laundering in the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case. Cases were registered against him by the Enforcement Directorate and the Economic Offences Wing of the Mumbai Police..Presently admitted in KEM hospital, Wadhawan sought transfer to a private hospital, as KEM admittedly did not have a cardiac care facility to treat him. On the directions of the Court, a report was submitted by the Public Prosecutor stating that Wadhawan required pacemaker implantation..Senior Advocate Aabad Ponda submitted that a consultant cardiologist had stated that Wadhawan required a permanent pacemaker implantation, which would be helpful for his recovery. However, the Public Prosecutor stated that Wadhawan could be very well treated in JJ Hospital, as it had all the necessary facilities..On Tuesday, Advocate A Bobade appearing for Wadhawan informed the Court that he had already been operated in KEM and a pacemaker had been installed. However, he prayed for release to go to a private hospital which has a cardiac care unit. In response, the State informed the Court that KEM will be setting up a cardiac facility within a week and therefore, his release was not necessary..After reserving the order on Wednesday, the Bench of Justice Nitin Sambre pronounced its verdict today, rejecting Wadhawan's bail plea.