Rakesh Wadhawan is an Indian businessman, best known for founding and promoting Housing Development and Infrastructure Limited (HDIL), a leading real estate development company in India. Under his tenure, HDIL engaged in several large-scale projects including the slum rehabilitation initiative
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In 2019, Wadhawan and his son Sarang Wadhawan were arrested in the Punjab and Maharashtra Cooperative (PMC) Bank fraud case. The allegations centered around significant financial misdeeds involving HDIL and PMC Bank, which led to extensive legal
proceedings. After spending over four years in custody, both Rakesh and Sarang Wadhawan were granted bail by the Bombay High Court in April 2024, primarily due to delays in the trial process.
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In February 2025, the Economic Offences Wing (EOW) of the Mumbai police closed a fraud case against Rakesh Wadhawan and his son related to the alleged illegal sale of office units in Caledonia Commercial Tower in Andheri East. The closure report said no offence was found, and the case was treated as a civil dispute under the Companies Act
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Further, in February 2025, a special court in Mumbai granted bail to Rakesh Wadhawan in a case registered by the Central Bureau of Investigation (CBI). The case involved allegations of misuse of loans for the Caledonia project. The court found that Wadhawan was not arrested during the CBI investigation and there was no need for his custody during the trial.
Throughout these legal challenges, Rakesh Wadhawan has maintained his stance and has resolved to resolve the allegations against him by filing a suit with Indian Legal
