It’s a scene straight out of an Abbas Mustan film, snazzy sports cars, lavish homes and lifestyles, racehorses – and most of all, deceit and intrigue.

Unfortunately though, this is not fiction. It’s a tale of two brothers and an empire that systematically duped the system and innocent people of their life savings.

When the Punjab & Maharashtra Cooperative Bank crisis hit, it seemed like a case of an inept and corrupt few who had squandered away the bank’s money and reputation almost as a personal favour to a few.

But the rot ran deep. In early October, Rakesh and Sarang Wadhawan, the promoters of HDIL, were arrested over alleged irregularities at PMC Bank.

The Economic Offences Wing of the Mumbai police said the fund diversion was pegged at Rs 6,500 crore or more – a staggering 73% of the bank’s entire assets.

PMC Bank advanced two-thirds of all its loans to HDIL, that’s currently undergoing bankruptcy proceedings. This was allegedly facilitated through the creation of more than 20,000 fake bank accounts.

The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.