A special PMLA court in Mumbai has denied bail to Mehul Thakur, managing director of Viva group, and chartered accountant Madan Chaturvedi in connection with the Rs 4300-crore PMC Bank fraud case. Their plea for default bail was rejected by special judge Abhijeet Nandgoankar on April 8, and a detailed copy of the order was made available on Friday.
Thakur and Chaturvedi were arrested on January 23 by the Enforcement Directorate and are currently lodged in Arthur Road jail. They filed for default bail on the ground that the probe agency had not filed its charge sheet within the mandatory 60 days from the date of their first remand.
However, special public prosecutor Sunil Gonsalves, appearing for ED,submitted that the charge sheet was filed on March 19, which is well within the time. Hence, this application was without any substance and should be rejected, he told court.
The court, after perusal of documents on record, found that the charge sheet was filed within the statutory period. The ED has filed a criminal case of money laundering against HDIL, its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan and others as part of its probe into the alleged loan fraud in Punjab and Maharashtra Co-operative (PMC) Bank.
The ED has alleged that the Wadhawans, in connivance with Viva Group, have diverted over Rs 160 crore from HDIL to many companies and entities belonging to Viva Group in the garb of commission. Source of these funds from HDIL to Viva Group is apparently the illegal fund diversion from PMC Bank, the ED has claimed.