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Tuesday, October 27, 2020

PMC Bank fraud: Ex-chairman sent to police custody till October 9

The latest development comes hours after the Economic Offences Wing (EOW) of the Mumbai Police arrested Singh on late Saturday evening in connection with the Rs 4,445 crore cheating case.

By: Express Web Desk | New Delhi | October 6, 2019 2:04:52 pm
PMB bank fraud: ED raids six locations in Mumbai Waryam Singh was one of the four accused against whom the EOW had registered an FIR, and had been detained yesterday. (PTI Photo)

Waryam Singh, the former chairman of the Punjab and Maharashtra Cooperative (PMC) Bank, on Sunday was remanded to police custody till October 9.

The Economic Offences Wing (EOW) of the Mumbai Police had arrested Singh late Saturday evening in connection with the Rs 4,445 crore cheating case. He was one of the four accused against whom the EOW had registered an FIR.

PMC Bank’s former Managing Director Joy Thomas was also remanded in the EOW’s custody by a magistrate court for two weeks till October 17 on Saturday. The police had told the court that Thomas was one of the key accused in the conspiracy which led to the scam, and had allegedly guided or committed most of the credit to the HDIL group of companies, which did not use the funds for the designated purpose.

Rakesh Wadhawan and Sarang Wadhawan, promoters of HDIL, are already in police custody. In the FIR registered against HDIL’s Rakesh Wadhwan, Sarang Wadhwan, PMC Bank’s former power-holders Joy Thomas and Waryam Singh, police said the actions of the accused had led to bank losses worth Rs 4,355.46 crore. Police had first registered an offence on a complaint from the RBI following the collapse of the bank.

The RBI had stepped in and placed restrictions on withdrawals after the crisis at the bank came to light last week owing mainly to massive Non Performing Assets (NPA) that were under-reported.

-with ENS inputs

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