PMC Bank crisis: HDIL CEO, MD had properties worth Rs 3,500 crore; arrested
5 years, 3 months ago

PMC Bank crisis: HDIL CEO, MD had properties worth Rs 3,500 crore; arrested

India TV News  

The Chairman and Managing Director of real estate developer HDIL were arrested on Thursday in connection with the Rs 6,500 crore loan default case that has hit the Punjab and Maharashtra Co-operative Bank. Rakesh Kumar Wadhawan, the Chairman, and Sarang Wadhawan, Managing Director of HDIL were arrested by the Economic Offences Wing of the Mumbai Police. PMC Bank crisis: What we know so far A Special Investigation Team of the Economic Offences Wing arrested Rakesh Wadhawan, chairman and managing director of HDIL and his son Sarang Wadhawan for loan default. EOW had registered an FIR on Monday against senior officials of HDIL and the PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

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History of this topic

ED attaches immovable assets of a hotel worth ₹44 crores under money laundering case
9 months, 3 weeks ago

ED attaches immovable assets of a hotel worth ₹44 crores under money laundering case

The Hindu  

The Enforcement Directorate, Mumbai, on Saturday said that they have provisionally attached immovable properties consisting of 2nd, 3rd, 4th and 5th floor of Hotel One Continent at King Koti Road, Sultan Bajaar, Abids, Hyderabad, to the extent of ₹43.84 crore under the provisions of Prevention of Money Laundering Act, 2002, in loan fraud case of the Punjab and Maharashtra Cooperative …

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues
4 years, 11 months ago

PMC Bank scam: SC stays Bombay HC order directing sale of HDIL assets to repay dues

India TV News  

The Supreme Court on Friday stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd to ensure repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against …

PMC Bank scam: 12,000-page second charge sheet filed
4 years, 11 months ago

PMC Bank scam: 12,000-page second charge sheet filed

The Hindu  

The Economic Offences Wing of the Mumbai Police on Wednesday filed a second charge sheet into the ₹6,670 crore Punjab and Maharashtra Cooperative Bank fraud case. The charge sheet, which goes beyond 12,000 pages, names seven former directors and auditors, including Rajneet Singh, the son of former Bharatiya Janata Party MLA Sardar Tara Singh. The EOW in its first charge …

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence
4 years, 11 months ago

PMC Bank scam: Depositors detained for holding protest at HDIL promoters' residence

India TV News  

Around a dozen depositors of the scam-hit Punjab and Maharashtra Cooperative Bank were detained on Sunday for allegedly trying to stage a protest outside the Khar residence of HDIL promoters Rakesh Wadhawan and his son Sarang, who are accused in the bank fraud case, police said. "Around 12 depositors of the PMC Bank were detained as they tried to hold …

PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence
4 years, 11 months ago

PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence

India TV News  

The Supreme Court Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative Bank scam, from Mumbai's Arthur Road Jail to their residence. The law officer said the other aspects of the high court order such as sale of assets of the accused promoters …

PMC Bank scam: SC stays Bombay High Court order allowing shifting of HDIL promoters from jail to residence
4 years, 11 months ago

PMC Bank scam: SC stays Bombay High Court order allowing shifting of HDIL promoters from jail to residence

Firstpost  

New Delhi: The Supreme Court on Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative Bank scam case, from Mumbai’s Arthur Road Jail to their residence. ED says need continued custody of HDIL promoters, relief given by HC will hurt the probe pic.twitter.com/ilVSm9DXAO …

PMC Bank scam: Bombay High Court sets up panel for sale of HDIL assets; next date of hearing on 30 April
4 years, 11 months ago

PMC Bank scam: Bombay High Court sets up panel for sale of HDIL assets; next date of hearing on 30 April

Firstpost  

Mumbai: The Bombay High Court set up a three-member committee on Wednesday for valuation and sale of encumbered assets of Housing Development and Infrastructure Ltd to expeditiously recover dues payable by the firm to crisis-hit Punjab & Maharashtra Cooperative Bank. The court said the committee shall first value and sell the encumbered properties of HDIL and if there is any …

PMC Bank Crisis: Bombay HC Allows Auction Of HDIL Assets
4 years, 11 months ago

PMC Bank Crisis: Bombay HC Allows Auction Of HDIL Assets

Live Law  

In a huge relief for the account holders of crisis-hit Punjab and Maharashtra Co-operative Bank, the Bombay High Court on Wednesday allowed a public interest litigation filed by one Sarosh Damania seeking auction of all Housing Development and Infrastructure Limited assets either mortgaged with the bank or attached by the Economic Offences Wing, Mumbai. In an affidavit in another PIL …

PMC Bank scam: HDIL MD Sarang Wadhawan's wife received Rs 70 lakh salary for working as retainer, finds ED probe
5 years ago

PMC Bank scam: HDIL MD Sarang Wadhawan's wife received Rs 70 lakh salary for working as retainer, finds ED probe

Firstpost  

In her statement to the ED, Anu Wadhawan said that she was not a director on any of the HDIL group companies HDIL promoter and Managing Director and PMC scam accused Sarang Wadhawan’s wife Anu received Rs 70 lakh for working as a retainer in HDIL group firm Privilege Industries since 2016, according to media reports. In her statement to …

PMC Bank scam: EOW may file its first chargesheet against promoters of HDIL today; Wadhawans booked under PMLA in over Rs 6,300 cr fraud
5 years ago

PMC Bank scam: EOW may file its first chargesheet against promoters of HDIL today; Wadhawans booked under PMLA in over Rs 6,300 cr fraud

Firstpost  

The PMC Bank, which has around 16 lakh depositors, was placed under an RBI administrator on 23 September for six months due to massive under-reporting of dud loans After the Enforcement Directorate filed a chargesheet on 16 December against Housing Development Infrastructure Ltd promoters Rakesh Wadhawan and Sarang Wadhawan in connection with the multi-crore Punjab and Maharashtra Cooperative Bank scam …

PMC Bank scam: Arrested auditors to be produced before court today
5 years, 1 month ago

PMC Bank scam: Arrested auditors to be produced before court today

Live Mint  

Mumbai: The economic offence wing of Mumbai Police will on Tuesday produce two auditors who were arrested for deliberately overlooking irregularities in Punjab and Maharashtra Cooperative Bank before a local court. The police arrested the auditors identified as Jayesh Sanghani and Ketan Lakdawala as a part of its investigation into ₹4,355 crore PMC Bank scam. It asked the bank not …

PMC Bank scam: Economic Offences Wing arrests two auditors
5 years, 1 month ago

PMC Bank scam: Economic Offences Wing arrests two auditors

India TV News  

Two auditors were arrested on Monday night in connection with the Rs 4,355-crore alleged Punjab and Maharashtra Cooperative Bank scam by the Economic Offences Wing of the Mumbai Police, an official said. The arrested duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed and suspected to have played a key role in covering …

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief
5 years, 1 month ago

PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief

India TV News  

Around 400 depositors of fraud-hit Punjab & Maharashtra Co-operative Bank on Monday met Mumbai Police Commissioner Sanjay Barve and briefed him about problems being faced by them after the RBI put certain restrictions on the troubled lender. According to Harbans Singh, one of the PMC Bank depositors who met Barve, the meeting lasted for around two hours. "In the meeting, …

PMC Bank scam: HDIL promoters diverted Rs 160-cr loan to three Delhi-based hotels, reveals ED probe
5 years, 2 months ago

PMC Bank scam: HDIL promoters diverted Rs 160-cr loan to three Delhi-based hotels, reveals ED probe

Firstpost  

The EOW has arrested five persons in the Rs 4,355-crore PMC Bank scam, including HDIL’s Wadhawans and the bank’s former chairman Waryam Singh and former managing director Joy Thomas. Corroborating the previous allegations of fund diversion, the Enforcement Directorate’s investigation reportedly found that the promoters of Housing Development Infrastructure, Rakesh Wadhawan and Sarang Wadhawan, allegedly diverted loan worth Rs 160 …

PMC Bank scam: Court extends HDIL promoters Rakesh Wadhawan, son Sarang's ED custody till 24 October
5 years, 2 months ago

PMC Bank scam: Court extends HDIL promoters Rakesh Wadhawan, son Sarang's ED custody till 24 October

Firstpost  

A Mumbai court on Tuesday extended the ED custody of HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested in connection with Rs 4,355 crore Punjab and Maharashtra Cooperative Bank scam, till 24 October A Mumbai court on Tuesday extended the ED custody of HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested in connection with Rs 4,355 …

Scam-hit HDIL appoints property consultant Knight Frank to value 40 land assets valued at Rs 8,000 cr
5 years, 2 months ago

Scam-hit HDIL appoints property consultant Knight Frank to value 40 land assets valued at Rs 8,000 cr

Firstpost  

HDIL sources said “the current value of the 18 valued properties will cross over 3,500 crore, while other 22 properties would be another Rs 4,000 crore.” Mumbai: Scam-hit and bankrupt realty player HDIL, whose promoters are behind the bars for their alleged role in the PMC Bank scam, has appointed property consultant Knight Frank to do valuation of its 40 …

HDIL promoters Wadhawans write to RBI, investigating agencies to sell their attached assets to repay PMC Bank loans
5 years, 2 months ago

HDIL promoters Wadhawans write to RBI, investigating agencies to sell their attached assets to repay PMC Bank loans

Firstpost  

The letter was released by a spokesperson of the Wadhawans. The father-son duo of HDIL promoters Rakesh and Sarang Wadhawan had written a letter to the Reserve Bank of India on 16 October letter requesting the investigating agencies to sell off their attached assets at the fair market value and start the process of repaying loans it took from Punjab …

PMC Victims: Rs 1 Lakh Insurance in 1993 Should be Rs 1 Cr Today
5 years, 2 months ago

PMC Victims: Rs 1 Lakh Insurance in 1993 Should be Rs 1 Cr Today

The Quint  

Now back to Shahryar’s devastating lines: Ajiib saneha mujh par guzar gaya yaaro Main apney saaey say kal raat dar gaya yaaro Yes, the astonishing PMC Bank Scam was the tragic saneha that terrified Sanjay, Fattomal and Yogita so much that they simply succumbed, dead. A high-living father-son duo, Rakesh and Sarang Wadhawan, had 44 bank accounts in a loosely …

PMC Bank scam: EOW summons former director for interrogation, seeks details on lender's loan disbursement process
5 years, 2 months ago

PMC Bank scam: EOW summons former director for interrogation, seeks details on lender's loan disbursement process

Firstpost  

Arora was a director of the PMC Bank and was also on its loan committee, an official said. Mumbai: The Economic Offences Wing of Mumbai Police on Wednesday called Surjit Singh Arora, one of the former directors of the scam-hit Punjab & Maharashtra Cooperative Bank, for questioning. “We are trying to get certain details about the bank’s loan disbursement process,” …

Assets worth ₹3,830 crore seized in PMC Bank money laundering case: ED
5 years, 2 months ago

Assets worth ₹3,830 crore seized in PMC Bank money laundering case: ED

Live Mint  

Mumbai: The Enforcement Directorate on Monday said it has seized and identified assets worth ₹3,830 crore, including private jets and a yacht, in connection with its probe in the PMC Bank money laundering case. “An amount of ₹98 crore of loan from PMC Bank was diverted to M Estate Developers, a proprietorship concern of close business associate of Rakesh Kumar …

PMC Bank Crisis: Former chairman, HDIL directors sent to police custody till October 16
5 years, 2 months ago

PMC Bank Crisis: Former chairman, HDIL directors sent to police custody till October 16

India TV News  

Mumbai's Esplanade court on Monday extended the police custody of former PMC Bank chairman and Housing Development and Infrastructure Limited directors, till October 16. HDIL directors Rakesh Wadhawan and Sarang Wadhwan's police custody was extended again along with former PMC Bank chairman Waryam Singh by Mumbai's Esplanade court. The defence counsel also mentioned that a list of all the properties …

PMC Bank scam: ED identifies assets worth Rs 3,830 crores for seizure
5 years, 2 months ago

PMC Bank scam: ED identifies assets worth Rs 3,830 crores for seizure

India Today  

Enforcement Directorate has seized, frozen and identified movable and immovable assets owned by M/s Housing Development and Infrastructure Limited, its directors, promoters, PMC Bank officials and other related entities in the PMC Bank fraud case. For example, an amount of Rs 98 crores of loan from PMC Bank was diverted to M Estate Developers, a proprietorship concern of close business …

Will discuss PMC Bank issue with PM: Fadnavis tells depositors
5 years, 2 months ago

Will discuss PMC Bank issue with PM: Fadnavis tells depositors

India Today  

Maharashtra Chief Minister Devendra Fadnavis has told the depositors of the scam-hit PMC Bank that he would discuss the issue of their distress with Prime Minister Narendra Modi when he meets the latter on October 13. Fadnavis said he would be meeting Modi on October 13, and he had already prepared a brief on the PMC Bank issue for the …

PMC Bank case: ED attaches HDIL promoter's 5-acre bungalow near Mumbai in money laundering probe
5 years, 2 months ago

PMC Bank case: ED attaches HDIL promoter's 5-acre bungalow near Mumbai in money laundering probe

Firstpost  

A private business jet, Dassault Falcon 200 owned by accused Rakesh Wadhawan of HDIL was earlier seized by the ED Mumbai: The Enforcement Directorate on Thursday sealed a bungalow of a HDIL promoter near Mumbai in connection with its money laundering probe in the Punjab and Maharashtra Co-operative bank case, officials said. A private business jet, Dassault Falcon 200 owned …

PMC bank case: ED seizes bungalow near Mumbai
5 years, 2 months ago

PMC bank case: ED seizes bungalow near Mumbai

India TV News  

The Enforcement Directorate on Thursday sealed an about 5-acre bungalow of a HDIL promoter near Mumbai in connection with its money laundering probe in the Punjab and Maharashtra Co-operative bank case, officials said. The ED is probing alleged financial irregularities under the Prevention of Money Laundering Act after it filed a criminal case recently. It had seized Rs 60 crore …

PMC Bank scam: Police custody of former chairman Waryam Singh, Wadhawans of HDIL extended till 14 October
5 years, 3 months ago

PMC Bank scam: Police custody of former chairman Waryam Singh, Wadhawans of HDIL extended till 14 October

Firstpost  

A court on Wednesday extended till October 14 the police custody of a former chairman of the Punjab and Maharashtra Cooperative Bank and two directors of HDIL, arrested in connection with the alleged Rs 4,355 crore scam at the bank Mumbai: A court here on Wednesday extended till 14 October the police custody of a former chairman of the Punjab …

PMC Bank case: Former chairman, HDIL directors sent to police custody till 14th October
5 years, 3 months ago

PMC Bank case: Former chairman, HDIL directors sent to police custody till 14th October

Live Mint  

Mumbai: Mumbai's Esplanade Court has sent former chairman of the Punjab and Maharashtra Co-operative Bank, Waryam Singh and Housing Development Infrastructure Limited directors, Sarang Wadhawan and Rakesh Wadhwan, to police custody till October 14. Scores of PMC Bank account holders on Wednesday staged a protest in front of the Esplanade Court in Mumbai. We want them to get jail and …

PMC Bank scam: Shares of HDIL hit lower circuit, fall 4.73% on reports of EOW to include auditors in probe
5 years, 3 months ago

PMC Bank scam: Shares of HDIL hit lower circuit, fall 4.73% on reports of EOW to include auditors in probe

Firstpost  

Shares of HDIL extended its losses on Wednesday as it fell nearly 5 percent and hit its lower circuit limit after reports that Mumbai Police’s Economic Offences Wing may include the auditors of the bankrupt company in the ongoing probe of PMC Bank scam New Delhi: Shares of HDIL extended its losses on Wednesday as it fell nearly 5 percent …

PMC Bank fraud: Police likely to probe HDIL auditors soon
5 years, 3 months ago

PMC Bank fraud: Police likely to probe HDIL auditors soon

India Today  

The Economic Offences Wing of the Mumbai Police is likely to investigate auditors of defunct Housing Development and Infrastructure Limited in connection with the Rs 4,300 crore Punjab and Maharashtra Co-operative Bank Ltd fraud. Auditors of PMC Bank will also be scrutinised as they did not classify loans to HDIL as non-performing assets despite multiple payment defaults on the defunct …

EOW likely to extend probe in PMC Bank to HDIL’s auditors
5 years, 3 months ago

EOW likely to extend probe in PMC Bank to HDIL’s auditors

Live Mint  

Mumbai: The Mumbai Police’s Economic Offences Wing may expand its probe into the ₹4,355.43 crore Punjab and Maharashtra Co-operative Bank Ltd fraud to include auditors of the bankrupt Housing Development and Infrastructure Ltd, which has been at the centre of the scam, said two people aware of the matter. PMC Bank’s cash reserves stand at around ₹1,000 crore, well short …

PMC Bank crisis: ED seizes another plane, cars, speed boat from Wadhawans' Alibaugh bungalow
5 years, 3 months ago

PMC Bank crisis: ED seizes another plane, cars, speed boat from Wadhawans' Alibaugh bungalow

India Today  

The Enforcement Directorate on Monday continued its crackdown on the top officials of Housing Development and Infrastructure Ltd, the company which is linked with the crash of Punjab and Maharashtra Cooperative Bank. The ED officials have found around Rs 10 crore in fixed deposits and saving accounts of Waryam Singh, former Chairman of PMC Bank, while Rs 100 crore worth …

Fourth arrest in PMC Bank case, ex-chairman Waryam Singh held
5 years, 3 months ago

Fourth arrest in PMC Bank case, ex-chairman Waryam Singh held

Live Mint  

Mumbai: Waryam Singh, former chairman of Punjab and Maharashtra Cooperative Bank, was arrested by the Economic Offences Wing of Mumbai Police on Saturday in connection with the alleged ₹4,355 crore scam at the bank. The EOW has already arrested former managing director of the bank Joy Thomas, and promoters of HDIL group Rakesh and Sarang Wadhawan in the case. Waryam …

PMC Bank's ex-MD Joy Thomas being made scapegoat in fraud case, claims his lawyer
5 years, 3 months ago

PMC Bank's ex-MD Joy Thomas being made scapegoat in fraud case, claims his lawyer

India Today  

Former Managing Director of Punjab and Maharashtra Cooperative Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Saturday remanded in police custody till October 17. His lawyer Rakesh Singh argued that Joy Thomas was just an employee of the bank and not a decision-maker and was being made a scapegoat as …

Former MD of PMC Bank sent to police custody till October 17
5 years, 3 months ago

Former MD of PMC Bank sent to police custody till October 17

India Today  

Former Managing Director of Punjab and Maharashtra Cooperative Bank has been sent to police custody for 12 days till October 17 after he was produced in the Mumbai magistrate court on Saturday in connection with the bank fraud case. Joy Thomas, the former managing director of PMC Bank, was arrested by SIT of Mumbai Police's Economic Offences Wing on Friday …

PMC Bank case: HDIL directors remanded in police custody till October 9
5 years, 3 months ago

PMC Bank case: HDIL directors remanded in police custody till October 9

Hindustan Times  

Housing Development Infrastructure Limited’s directors Rakesh Kumar Wadhawan and his son Sarang Wadhawan played “active roles in commission of offence” and “appear to be real players of the functioning of all group companies”, stated the Economic Offences Wing before a court on Friday while seeking police custody for the Wadhawans. Arrested for their involvement in the Punjab and Maharashtra Co-operative …

PMC Bank scam: Economic offences wing arrests former MD Joy Thomas in connection with alleged Rs 4,355 cr scam
5 years, 3 months ago

PMC Bank scam: Economic offences wing arrests former MD Joy Thomas in connection with alleged Rs 4,355 cr scam

Firstpost  

The Mumbai Police arrested Punjab Maharashtra Co-operative Bank’s former managing director Joy Thomas on Friday. He was arrested by the Economic Offences Wing in connection with the alleged Rs 4,355 crore scam at the PMC Bank. The bank’s former chairman Waryam Singh, managing director Joy Thomas and other senior officials, along with HDIL director Rakesh Wadhawan have been named in …

PMC Bank scam: HDIL's Rakesh Wadhawan, son Sarang sent to police custody till 9 October
5 years, 3 months ago

PMC Bank scam: HDIL's Rakesh Wadhawan, son Sarang sent to police custody till 9 October

Firstpost  

HDIL chairman and managing director Rakesh Wadhawan and his son Sarang were on Friday sent to police custody till October 9 in the Punjab Maharashtra Cooperative Bank scam, an official said Mumbai: HDIL chairman and managing director Rakesh Wadhawan and his son Sarang were on Friday sent to police custody till October 9 in the Punjab Maharashtra Cooperative Bank scam, …

PMC Bank crisis: After arrest of HDIL promoters, ED raids 6 Mumbai locations, slap money laundering charge
5 years, 3 months ago

PMC Bank crisis: After arrest of HDIL promoters, ED raids 6 Mumbai locations, slap money laundering charge

Firstpost  

The ED on Friday raided six locations in Mumbai and adjoining areas and registered a money laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative Bank case, officials said Mumbai: The ED on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative …

PMC Bank crisis: ED raids 6 locations in Mumbai, slaps money-laundering charge
5 years, 3 months ago

PMC Bank crisis: ED raids 6 locations in Mumbai, slaps money-laundering charge

India TV News  

The Enforcement Directorate on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative Bank case, officials said. The Enforcement Directorate case is based on an FIR filed by the Economic Offences Wing of Mumbai police. The ED and Mumbai Police case is against former bank …

PMC Bank crisis: ED raids six locations in Mumbai, registers case against bank officials
5 years, 3 months ago

PMC Bank crisis: ED raids six locations in Mumbai, registers case against bank officials

India Today  

Investigative agency Enforcement Directorate on Friday conducted searches at six locations in Mumbai in connection with the Punjab and Maharashtra Co-operative Bank fraud. The agency also registered an Enforcement Case Information Report against erring bank officials on the basis of FIR filed by the Mumbai Police. Searches are being conducted by the ED a day after Mumbai Police's Economic Offences …

PMC Bank scam: Chairman Rakesh Wadhawan, son sent to police custody till Oct 9
5 years, 3 months ago

PMC Bank scam: Chairman Rakesh Wadhawan, son sent to police custody till Oct 9

India Today  

Housing Development Infrastructure Limited chairman and managing director Rakesh Wadhawan and his son Sarang were on Friday sent to police custody till October 9 in the Punjab Maharashtra Cooperative Bank scam. The arrests in the PMC Bank scam case were made a few days after the EOW registered an FIR against senior officials of HDIL and the PMC Bank for …

PMC Bank officials deposited money directly into HDIL bosses' personal accounts: Mumbai Police
5 years, 3 months ago

PMC Bank officials deposited money directly into HDIL bosses' personal accounts: Mumbai Police

India Today  

The Mumbai Police probing the Punjab and Maharashtra Cooperative Bank case found bank officials to have helped the HDIL bosses by depositing money in their personal accounts. PMC Bank officials had allegedly deposited around Rs 2,000 crores directly into the HDIL bosses' personal accounts while loans were sanctioned to the company. DCP Pranay Ashok from Mumbai police said, The two …

PMC Bank case: ED seizes 6 premium cars, attaches properties of Wadhawans
5 years, 3 months ago

PMC Bank case: ED seizes 6 premium cars, attaches properties of Wadhawans

India Today  

The Enforcement Directorate on Friday conducted searches at six locations in Mumbai in connection with the Punjab and Maharashtra Co-operative Bank fraud case. Searches were being conducted by the ED a day after Mumbai Police's Economic Offences Wing, which is investigating the nexus between PMC Bank and defunct realty major Housing Development and Infrastructure Limited, arrested the CEO and managing …

PMC Bank crisis: Mumbai police arrest HDIL's Rakesh Wadhawan, son Sarang; realty firm's assets worth Rs 3,500 cr attached
5 years, 3 months ago

PMC Bank crisis: Mumbai police arrest HDIL's Rakesh Wadhawan, son Sarang; realty firm's assets worth Rs 3,500 cr attached

Firstpost  

On 30 September, the Mumbai Police had filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Cooperative Bank case. The Economic Offences Wing of the Mumbai Police arrested realty firm HDIL’s Rakesh Kumar Wadhawan and his son Sarang Wadhawan, in connection with the Punjab and Maharashtra Cooperative Bank loan case, said a …

PMC Bank crisis: CEO, MD of HDIL arrested, property worth Rs 3500 crore frozen
5 years, 3 months ago

PMC Bank crisis: CEO, MD of HDIL arrested, property worth Rs 3500 crore frozen

India Today  

Rakesh Kumar Wadhawan and Sarang Wadhawan of the HDIL have been arrested in connection with alleged financial irregularities at the company. PMC’s exposure to HDIL group is nearly 73 per cent of its total loan book size of Rs 8,880 crore as of September 19, 2019. In an alleged confession letter to the RBI, the bank's suspended managing director Joy …

PMC Bank crisis: HDIL says loans taken after giving 'adequate security' cover; willing to discuss with bank to protect depositors' interest
5 years, 3 months ago

PMC Bank crisis: HDIL says loans taken after giving 'adequate security' cover; willing to discuss with bank to protect depositors' interest

Firstpost  

Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors New Delhi: Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative …

PMC bank crisis: Govt issues lookout circular against HDIL MD, director
5 years, 3 months ago

PMC bank crisis: Govt issues lookout circular against HDIL MD, director

India Today  

The government has issued a lookout circular against two directors of realty firm HDIL after preliminary findings allegedly revealed financial irregularities at the company, according to a senior official. The official told PTI that the circular has been issued against the company's Managing Director Sarang Wadhawan and Whole Time Director Rakesh Kumar Wadhawan. In an alleged confession letter to the …

PMC Bank crisis: MD's letter reveals how 21,049 dummy accounts were created to hide HDIL NPAs
5 years, 3 months ago

PMC Bank crisis: MD's letter reveals how 21,049 dummy accounts were created to hide HDIL NPAs

India Today  

At least 21,049 dummy accounts were used by the Punjab and Maharashtra Co-operative Bank to hide accumulated non-performing assets of realty firm Housing Development and Infrastructure Limited, revealed suspended PMC bank managing director Joy Thomas's letter. His confession letter to RBI also revealed that the bank's exposure to bankrupt HDIL has been pegged at Rs 6,500 crore, which is 73 …

Economic Offences Wing files FIR against officials of HDIL, PMC Bank
5 years, 3 months ago

Economic Offences Wing files FIR against officials of HDIL, PMC Bank

India TV News  

The Economic Offences Wing of Mumbai Police has registered an FIR against senior officials of Housing Development and Infrastructure Ltd and Punjab and Maharashtra Cooperative Bank over allegedly causing losses to the tune of Rs 4,355.43 crore to the bank. The FIR mentioned PMC Bank's now-suspended Managing Director Joy Thomas, Chairman Waryam Singh and other executives. Earlier in the day, …

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