EOW arrests two auditors in connection with PMC Bank scam
5 years, 1 month ago

EOW arrests two auditors in connection with PMC Bank scam

Live Mint  

Mumbai: The Mumbai Police’s Economic Offences Wing on Monday late evening arrested two auditors in connection with the ₹4,355.43-crore Punjab and Maharashtra Co-operative Bank Ltd fraud. In a press statement, the Mumbai police also said that during the course of investigations the auditors association with the real estate firm Housing Development and Infrastructure Ltd or HDIL had also come to light. "Both the auditors could not provide convincing explanations regarding their alleged role as statutory auditors," said Mumbai police in the press release. The scam at PMC Bank unfolded following a confession by its former managing director Joy Thomas to Reserve Bank of India on 1 October that the bank’s exposure to the real estate firm Housing Development and Infrastructure Ltd is over ₹6,500 crore — four times the regulatory cap, or 73% of its entire assets of ₹8,880 crore.

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History of this topic

Enforcement Directorate arrests four more accused linked to cyber fraud syndicate involving “Chinese scammers”
3 months, 3 weeks ago

Enforcement Directorate arrests four more accused linked to cyber fraud syndicate involving “Chinese scammers”

The Hindu  

The Enforcement Directorate has arrested four accused in a case related to cyber fraud of ₹2.60 crore by a person posing as a Central Bureau of Investigation official, who was part of a network involving “Chinese scammers”. “All the four accused were involved in incorporation of shell companies and opening of bank accounts, through which Proceeds of Crime generated from …

Odisha EOW busts fake pan-India drug courier scam; one arrested
11 months ago

Odisha EOW busts fake pan-India drug courier scam; one arrested

Hindustan Times  

Bhubaneshwar: The Odisha Police Economic Offences Wing busted a pan-India drug courier fraud and arrested one person in connection, officials said on Wednesday. EOW inspector general Jai Narayan Pankaj said his team arrested one Rajat Kumar of Haryana from Himachal Pradesh based on a complaint filed by Ratna Tripathy, a Bhubaneswar-based journalist after she was allegedly ripped off by a …

Delhi: Three arrested for duping two companies worth Rs 13 crore
2 years, 10 months ago

Delhi: Three arrested for duping two companies worth Rs 13 crore

India Today  

The Economic Offences Wing of Delhi Police arrested the manager and directors of Genius Minds Private Limited for duping two Non-Banking Financial Companies worth Rs 13 crore. Agarwal colluded with the directors of the company, Aditya Agarwal and Abhishek Agarwal, and raised fake and forged invoices in the name of approved debtors. Fake bills raised Oberoi alleged that the directors …

Fraudster held in Delhi for duping several investors worth Rs 3.6 crores
2 years, 11 months ago

Fraudster held in Delhi for duping several investors worth Rs 3.6 crores

India Today  

The Economic Offences Wing of Delhi Police has arrested a member of a gang that duped nearly 41 investors from Rohini of at least Rs 3.6 crore through multi-level marketing Ponzi schemes. Multi-level marketing Ponzi schemes Police launched an investigation when a complaint was registered by Promila Jain and others who alleged that Jain and Singh induced housewives on the …

ED arrests two in PMC Bank fraud case
3 years, 11 months ago

ED arrests two in PMC Bank fraud case

The Hindu  

The Enforcement Directorate has arrested two people following raids on the premises of a firm promoted by a Maharashtra MLA for alleged “illegal diversion of bank funds” in the Rs 4,300-crore PMC Bank fraud and money laundering case, official sources said on Saturday. On Friday, the agency searched five residential and business premises linked to the Viva Group, promoted by …

Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction
4 years, 2 months ago

Scam-hit PMC Bank Invites Expression of Interest from Potential Investors for Reconstruction

News 18  

Fraud-hit Punjab and Maharashtra Cooperative Bank on Tuesday invited expression of interest from potential investors for investment or equity participation in the bank for its reconstruction. Objective of the process of invitation of EoI is to identify a suitable equity investor/group of investors willing to take over management control to revive the bank and commence regular day-to-day operations, PMC Bank …

ED attaches assets of frauds accused in Rs 2,066 crore money laundering scam
4 years, 3 months ago

ED attaches assets of frauds accused in Rs 2,066 crore money laundering scam

India Today  

The Enforcement Directorate has provisionally attached proceeds of crime worth Rs. 11.85 crores in the form of movable properties belonging to main promoters in the case of Surya Vinayak Industries Ltd. and its group companies under the Prevention of Money Laundering Act, 2002 in a bank fraud case. The case has been filed against Surya Vinayak Industries Ltd., Sanjay Jain, …

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report
4 years, 3 months ago

Fraud-hit PMC Banks Approaches Banks Over Possible Merger, Reveals Report

News 18  

India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. PMC has “tried to engage with the major banks of the country to request for a merger”, the bank’s …

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC
4 years, 3 months ago

Fraud-hit PMC asked other major banks for merger: Bank tells Delhi HC

India Today  

India’s fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank’s administrator said in a court filing seen by Reuters. PMC has “tried to engage with the major banks of the country to request for a merger”, the bank’s …

Fraudsters posing as bank officers dupe Rs 11 crore from businessman, 2 held from Delhi
4 years, 11 months ago

Fraudsters posing as bank officers dupe Rs 11 crore from businessman, 2 held from Delhi

India TV News  

A father-son duo from Delhi was arrested by the Ahmedabad police for allegedly extracting Rs 11.06 crore from a city businessman by posing as bank officers and luring him into investing in various schemes and insurance products over three years, said officials on Thursday. In his complaint, apparel trader Prataprai Avtani had alleged he was duped to the tune of …

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: 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: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money
5 years, 1 month ago

PMC Bank scam: Nearly 78% depositors can withdraw entire deposits, says govt; efforts underway to repay customers money

Firstpost  

Sitharaman also said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of PMC Bank can withdraw up to Rs 1 lakh by invoking the ‘hardship provisions’ of RBI. New Delhi: Nearly 78 percent depositors of the scam-hit PMC Bank have been allowed to withdraw their entire deposits even though the ceiling of …

PMC Bank scam: EOW conducts search at Rajneet Singh's flat
5 years, 1 month ago

PMC Bank scam: EOW conducts search at Rajneet Singh's flat

India TV News  

A day after Rajneet Singh, son of former BJP MLA Sardar Tara Singh, was arrested in connection with the Punjab and Maharashtra Cooperative Bank scam, the Economic Offences Wing of the city police on Sunday conducted a search at his residence here, an official said. Before the search, Rajneet Singh, who is a director of the scam-hit bank, was produced …

Auditors appointed at Wadhawans’ behest: Economic Offences Wing of Mumbai Police
5 years, 1 month ago

Auditors appointed at Wadhawans’ behest: Economic Offences Wing of Mumbai Police

The Hindu  

The Economic Offences Wing of the Mumbai Police on Tuesday said the two auditors of Punjab and Maharashtra Cooperative Bank were appointed at the behest of Housing Development and Infrastructure Limited promoters Rakesh and Sarang Wadhawan, establishing a conflict of interest and a larger conspiracy. The officer said there was also prima facie information, suggesting Mr. Sanghani and Mr. Lakdawala …

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: two auditors held
5 years, 1 month ago

PMC Bank: two auditors held

The Hindu  

The Economic Offences Wing of the Mumbai Police on Monday arrested two independent auditors in connection with its investigation into the multi-crore Punjab and Maharashtra Cooperative Bank fraud. The police said both the accused were hired by the bank to conduct independent audits of the bank’s finances. Many of the investors wanted to know why the auditors had not been …

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: RBI governor Shaktikanta Das says closely monitoring situation, forensic audit underway
5 years, 2 months ago

PMC Bank scam: RBI governor Shaktikanta Das says closely monitoring situation, forensic audit underway

Firstpost  

New Delhi: The Reserve Bank is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway, Governor Shaktikanta Das said on Thursday, amid persisting uncertainty over depositors’ funds. Besides, he said an agency has been appointed to assess the realisable value of the bank’s assets spread across various states for monetisation. Punjab & Maharashtra Cooperative Bank, …

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: Mumbai Police to investigate how RBI's forensic audit report missed irregularities; 'no auditors will be spared'
5 years, 2 months ago

PMC Bank scam: Mumbai Police to investigate how RBI's forensic audit report missed irregularities; 'no auditors will be spared'

Firstpost  

Mumbai Police commissioner Sanjay Barve said this after meeting a group of PMC Bank depositors met him during the day at his office. Mumbai: The Mumbai Police will investigate how the Reserve Bank of India audit missed various irregularities in the PMC Bank transactions, the metropolis police chief said on Wednesday. While interacting with the depositors, Barve said the police …

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,” …

Lesson from PMC Bank scam: Forensic, active supervision needed; RBI and govt must work to help whistleblowers, protect depositors
5 years, 2 months ago

Lesson from PMC Bank scam: Forensic, active supervision needed; RBI and govt must work to help whistleblowers, protect depositors

Firstpost  

The PMC Bank episode compares in scale with the Rs 7,855-crore Satyam Computer Services scandal, which has been dubbed as India’s biggest accounting fraud. Industrialist-banker nexus The PMC Bank episode compares in scale with the Rs 7,855-crore Satyam Computer Services scandal, which has been dubbed as India’s biggest accounting fraud. Besides PMC Bank, 12 other co-operative banks are also under …

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 …

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 …

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 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 fraud case: FIR filed by Mumbai police
5 years, 3 months ago

PMC bank fraud case: FIR filed by Mumbai police

Op India  

The Economic Offences Wing of the Mumbai Police has filed FIR against HDIL and Punjab & Maharashtra Cooperative Bank officials in the PMC bank fraud case. The persons named in the FIR include PMC bank’s former chairman Waryam Singh, former Managing Director Joy Joseph Thomas, Housing Development and Infrastructure Limited group promoters Sarang Wadhawan and Rakesh Wadhawan. After the Reserve …

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