The ED has attached movable and immovable assets worth Rs 3,880 crore of HDIL, its directors, promoters, PMC Bank officials and others in the Punjab and Maharashtra Bank fraud case. This does not include the value of 80 unencumbered properties around Mumbai. The agency investigation is on to find more such laundered properties. The Economic Offences Wing of Mumbai Police had lodged an FIR in the case on September 30.
As per allegations, HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in connivance with PMC Bank Officials, including MD Joy Thomas and former chairman Waryam Singh and others, fraudulently availed several loans and defrauded PMC bank of over Rs 4,355 crore. During its probe, ED found several instances of siphoning off of funds. For example, PMC Bank gave Rs 98 crore to M Estate Developers, a company owned by a close business associate of Rakesh Wadhawan. Similarly, former PMC MD Joy Thomas purchased 9 flats and a shop in Kondwa, Pune, since 2012. In total, he along with his wife and former assistant, who worked with him in the bank bought, 10 properties.
In a further relief to PMC Bank customers, Reserve Bank of India (RBI) has increased the withdrawal limit to Rs 40,000 from Rs 25,000 earlier. The central bank said it is closely monitoring the developments and will continue to take necessary steps in the interest of PMC Bank depositors.
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The government has already assured that concerns of the customers of PMC Bank will be "comprehensively addressed". "Spoken to governor @RBI on the #PMCBank matter. He assured me that clients & their concerns will be kept on top priority. I wish to reiterate that @FinMinIndia will ensure that customers concerns are comprehensively addressed. We understand the justified worries of the customers," Finance Minister Nirmala Sitharaman said last week.
Edited by Manoj Sharma