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Tue, Oct 22, 2019 | Last Updated 6:53 am IST

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Ex-chairman of PMC bank arrested in alleged multi crore bank scam

Ex-chairman of PMC bank arrested in alleged multi crore bank scam
Ex-chairman of PMC bank arrested in alleged multi crore bank scam
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Ex-chairman of PMC bank arrested in alleged multi crore bank scam

EOW arrested fourth person in connection with PMC bank scam, earlier they arrested former managing director and HDIL promoters. 

   In another break through, Economic offences wing (EOW) arrested Waryam Singh former chairman of PMC bank. The mumbai police wing made this arrest in connection with alleged 4,355 crores Punjab and Maharashtra bank (PMC) scam.

     Earlier the EOW arrested former managing director of the bank Joy Thomas, and HDIL promoters Rakesh Wadhwan and Sarang Wadhwan. Waryam Singh was taken into custody from Mahim church area by EOW officials. The wing visited his house in Andheri but he wasn’t available there, later they arrested him in Mahim area brought for questioning.

    According to FIR by police, HDIL promoters applied and taken loans from Bhandup area branch of the bank.  Despite the non-payment by HDIL group, the officials didn’t classify that in non-performing assets, in fact they registered it in ‘fictitious loans’ over 44 accounts to camouflage the loans. Moreover, they didn’t bothered to report it to Reserve bank of India.

  Reportedly PMC a cooperative bank declared bankrupt by its promoters last month, leaving thousands of accounts holders in disarray.

 

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Bharath has been the knowledge focal point for the world, As Darvin evolution formula End is the Start ... Bharath again will be the Knowledge Focal Point to the whole world. Want to hold the lamp and shine light on the path of greatness for our country Bharath.