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

Former PMC Bank chariman, HDIL directors sent to police custody till October 16

India Today  

The police custody of former PMC Bank chairman and Housing Development and Infrastructure Limited directors was on Monday extended to 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. Just a few days ago, startling details came to the fore on how former PMC Bank MD Joy Thomas owned 10 properties in Pune with his second wife, who he married after converting to Islam. The EOW investing the case discovered that all the properties were bought within the period starting 2012-the same time when accused Rakesh and Sarang Wadhawan of HDIL began defaulting on loans and kept borrowing additional amounts from PMC Bank.

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History of this topic

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: 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 …

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 …

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 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 …

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 …

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: 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 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: 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 …

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's exposure to HDIL over Rs 6,500 crore, 73% of total assets
5 years, 3 months ago

PMC bank's exposure to HDIL over Rs 6,500 crore, 73% of total assets

India Today  

The Punjab and Maharashtra Co-operative Bank's exposure to bankrupt Housing Development and Infrastructure Limited has been pegged over Rs 6,500 crore or 73 per cent of its total assets worth Rs 8,880 crore. In a four-and-a-half page letter to the central bank, Suspended managing director Thomas gave details of how he and six key people including board members and chairman …

PMC Bank had been flouting RBI rules for 6-7 yrs, admits suspended MD Joy Thomas
5 years, 3 months ago

PMC Bank had been flouting RBI rules for 6-7 yrs, admits suspended MD Joy Thomas

India Today  

The suspended MD of Punjab Maharashtra Cooperation Bank Joy Thomas has admitted that the troubled bank shared a long relationship with realty group HDIL and that the lender had been breaking the rules of the Reserve Bank of India for six to seven years. Addressing the media on Friday, Thomas said the bank’s total exposure to HDIL was Rs 2,500 …

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