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PMC Bank crisis: Mumbai police arrest chairman Waryam Singh

BusinessToday.In     October 5, 2019

The Economic Offences Wing (EOW) of Mumbai police has arrested Punjab and Maharashtra Co-operative (PMC) Bank chairman Waryam Singh in connection with the Rs 4,355-crore scam at the bank. With this, all the accused named in the EOW's FIR in the case have been arrested.

On Friday, the Mumbai Police had arrested suspended PMC Bank managing director Joy Thomas. He was sent to police custody till October 17 by Mumbai's Esplanade Court on Saturday. The promoters of realty firm Housing Development and Infrastructure Limited (HDIL), Rakesh Kumar Wadhawan and his son Sarang were arrested on Thursday. They will be in police custody in October 9.

On Friday, the Enforcement Directorate (ED) had conducted raids on six locations associated with HDIL. The raids were carried out at the head office of HDIL in Bandra (East) and the Wadhawan House, the residence of the Rakesh in Bandra (West). Properties of Singh and Thomas were also raided by the agency. During the raid, ED seized 12 high-end cars among other belongings of Rakesh and Sarang Wadhawan. These included two were Rolls Royces, two Range Rovers and a Bentley.

PMC Bank has been alleged of providing loans to the embattled HDIL and its subsidiaries despite being aware of the dismal financials of the company. After the matter came to light, the Reserve Bank of India had imposed operational restrictions on the lender.

The EOW had registered an FIR in the matter on Monday, which accused senior PMC Bank officials and HDIL promoters of causing losses to the tune of Rs 4,355 crore to the bank.

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