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          Rakesh, Sarang Wadhawan get bail, to walk out of jail after 4 years

          Rakesh and Sarang Wadhawan, promoters of Housing Development Infrastructure Limited (HDIL), will soon be walking out of the Arthur Road Jail in Mumbai after serving more than four years.

          The father-son duo were arrested in a multi-crore money laundering case registered by the Enforcement Directorate (ED) as well as the Economic Offence Wing of Mumbai police.

          The Bombay High Court on Friday granted Rakesh and Sarang Wadhawan bail in the Punjab and Maharashtra Co-operative (PMC) Bank fraud case.

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          Justice SM Modak directed their release upon furnishing sureties of Rs 5 lakh each in both cases.

          Advocates Harshad Nimbalkar, Hrishikesh Chitaley, Ashish Verma and Sagar Shetty appearing for Rakesh Wadhawan, while seeking regular bail, submitted that the maximum punishment under the Prevention of Money Laundering Act (PMLA) if found guilty, is seven years in prison while the accused have been incarcerat