Source : The Times of India, Last updated : 9 Oct 2019,5:19 pm

PMC Bank scam: Custody of Wadhawans, Waryam Singh extended

PMC Bank scam: Custody of Wadhawans, Waryam Singh extended
MUMBAI: A court here on Wednesday extended till October 14 the police custody of a former chairman of the Punjab and Maharashtra Cooperative (PMC) Bank and two directors of HDIL, arrested in connection with the alleged Rs 4,355 crore scam at the bank.

Housing Development Infrastructure Ltd (HDIL) chairman and managing director Rakesh Wadhawan and his son Sarang were arrested on last Thursday, while former chairman of PMC Bank Waryam Singh was held on Saturday.

Fourth arrest in PMC Bank case: Ex-chairman Waryam Singh held

Waryam Singh, a former chairman of Punjab and Maharashtra Cooperative Bank was arrested by the ED. This is the fourth arrest in the case. The EOW has already arrested the former managing director of the ban in connection with the Rs 4, 355 crore scam at the bank.

The economic offences wing (EOW) of the Mumbai Police, which had arrested the trio, produced them before Additional Chief Metropolitan Magistrate S G Shaikh as their custody ended on Wednesday.

Police told the court that they need to interrogate the accused further in connection with the scam.

The court then extended their remand till October 14.

Meanwhile, a number of customers of the bank staged protest against the bank officials outside the court.

PMC Bank scam: 2 HDIL directors held, Rs 3,500 crore assets frozen

Rakesh Wadhwan and his son Sarang Wadhwan, directors of Housing Development and Infrastructure Limited were arrested by Mumbai Police on Thursday in the Rs 4,355 cr Punjab and Maharashtra Cooperative Bank cheating case probe. Non-repayment of Rs 4,355 cr loan led to panic among the account holders. The police has also seized Rs 3,500 crore property of the company.

The EOW had last week registered a case against the Wadhawans and the PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

Properties worth around Rs 3,500 crore, belonging to HDIL, had also been frozen by the EOW during the probe.

PMC Bank scam: ED slaps laundering case on Wadhawans, seizes luxury cars

Enforcement Directorate on Friday seized around half a dozen luxury cars of HDIL promoters Rakesh Wadhawan and his son Sunny during raids on five HDIL premises in Mumbai including Wadhawan's home. Sources said the raid will continue for a few days. ED has also identified a couple of big commercial premises around Bandra that HDIL ‘gifted’ a few politicians.

Besides the trio, police have also arrested Joy Thomas, former managing director of the PMC Bank, in the case. He is presently in police custody till October 17.

The EOW had earlier told the court the PMC Bank replaced 44 loan accounts of HDIL and its group companies, whose outstanding balance was significantly higher, with 21,049 fictitious loan accounts.

It is alleged that the bank's board of directors and executives, including Joy Thomas, had "full knowledge" of this act.
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