Unveiling the PMC Bank Scam: A ₹6,117 Crore Banking Fraud
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The Punjab and Maharashtra Co-operative (PMC) Bank scam stands as one of India's most significant financial frauds, involving a staggering ₹6,117 crore. Central to the scandal was Housing Development and Infrastructure Ltd. (HDIL), whose promoters, Rakesh and Sarang Wadhawan, allegedly diverted bank funds to acquire agricultural land in Sindhudurg district. This illicit activity was conducted through benami transactions, using intermediaries to conceal the true ownership. The Enforcement Directorate's investigations have led to the attachment of assets worth over ₹772 crore and the filing of multiple chargesheets against 46 individuals
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