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PMC Bank case: HDIL promoters sent to police custody till October 9

On Friday EOW also arrested Joy Thomas who is a managing director of Punjab and Maharashtra Cooperative (PMC) bank.

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HDIL MD Sarang and Rakesh Wadhawan being produced in Killa Court in Punjab and Maharashtra Co-operative bank scam, on Friday.
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Housing Development and Infrastructure Limited (HDIL) Rakesh and Sarang Wadhawan were produced in session court on Friday and remanded police custody till October 9. On Friday EOW also arrested Joy Thomas who is a managing director of Punjab and Maharashtra Cooperative (PMC) bank.

"During the investigation, EOW seized the documents and material availed so far are pointing towards the involvement of Sarang and. Rakesh in the alleged fraud. Initially, it appears that funds availed by HDIL from PMC Bank have not been utilized for designated purposes of borrowings. Initial Scrutiny of Financial statements indicates diversion and misappropriation of funds in large amounts and it requires to be interrogated with both accused in order to prevent further financial catastrophe." said EOW sources.

"HDIL group of companies is the largest borrower of PMC Bank and they have kept dues to the tune of Rs 4335.46 crore unpaid since 2008 until 2019. Joy Thomas, Managing director and other functionaries including reported false records accounts for RBI to suppress the material position of the loan account of the HDIL group of companies." Explained by EOW officer.

In advance master Incident for March 31, 2018, submitted to RBI by PMC Bank, the bank has replaced 44 loan accounts of HDIL and it's group companies, whose individual balance outstanding significantly higher (Prinicipal outstanding + Interest Outstanding) with 21049 fictitious loan accounts whose individual balance outstanding was comparatively lower. These 21049 accounts were actually not created in the Core Banking Solution of the bank, instead were mere entries in the advances master indent submitted to RBI for the purpose of conducting their inspection for the year ended March 31, 2018.

EOW also suspected that besides PMC Bank HDIL group companies have borrowed funds from other banks also. In this backdrop and funds of PMC bank have been utilized to service the debt of other Banks. Officials of PMC Bank including Joy Thomas, Managing director, Warayam Sing, and other directors and other functionaries along with. Sarang Wadhwan, Rakesh Wadhwan of HDIL and other unknown persons are major players of the alleged offense and therefore a case was registered at Bhandup Police station and taken up for investigation at EOW Mumbai.

Wanted accused Joy Thomas was arrested on Friday evening and another accused Waryam Singh is at large. On Thursday during investigation, Sarang Wadhwan and Rakesh Wadhwan were called for investigation and being interrogated by the EOW office in Mumbai. PMC Bank holds large funds of depositors of the various class including daily wagers to local cooperative banks, this fraud has affected the functioning of bank.

Unpaid Dues

  •  HDIL group of companies is the largest borrower of PMC Bank and they have kept dues to the tune of Rs 4335.46 crore unpaid since 2008-2019. 
  •  On Thursday Sarang and Rakesh Wadhawan were called for investigation and being interrogated by the EOW office in Mumbai. 

 

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