PMC Bank fraud case: Custody of 3 accused extended till October 14https://indianexpress.com/article/business/banking-and-finance/pmc-bank-fraud-case-custody-of-3-accused-extended-till-october-14-6061693/

PMC Bank fraud case: Custody of 3 accused extended till October 14

On Wednesday, drama unfolded outside the Esplanade court after victims who lost money in the scam attempted a rasta roko and tried damaging the cars of lawyers of the accused.

Former PMC Bank chairman Waryam Singh being taken into police custody on Wednesday. (Express photo by Ganesh Shirsekar)

A MAGISTRATE court on Wednesday extended the police custody of three accused, including promoters of HDIL, arrested in the Punjab and Maharashtra Co-operative (PMC) Bank case till October 14. Cops told the court that they found there was some falsification of documents on the part of the accused and they wanted to verify the same.

On Wednesday, drama unfolded outside the Esplanade court after victims who lost money in the scam attempted a rasta roko and tried damaging the cars of lawyers of the accused.

The Economic Offences Wing (EOW) of Mumbai Police had arrested HDIL promotors Rakesh and Sarang Wadhawan, former PMC Bank chairman Waryam Singh, as well as the bank’s former MD Joy Thomas in connection with the Rs 4,355-crore scam, that led to withdrawal restrictions being imposed by the RBI. The police’s case is that Singh and Thomas allowed the Wadhawans to take loans even after they did not repay it and then undervalued the non performing assets. Thomas is currently in police custody

A senior officer said, “ We told the court we needed further custody of the accused as we found that they have falsified certain documents using which the fraud was carried out. The court remanded them in our custody for five days.”

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As the accused were brought to the court Wednesday, several victims were standing outside the court carrying placards stating that the accused should not be given bail. The victims also tried a rasta roko outside the court but the police cleared the road. Some of the victims even tried damaging the four wheelers of the lawyers representing the accused.

During the probe, police have so far found that the accused had kept the 44 accounts linked to the Wadhawans’ hidden by using a password. In its place, the accused allegedly used other dormant accounts as the ones that had defaulted on making payments.