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 filed by depositors of PMC, RBI referred to its own inspection report of PMC bank dated March 31, 2018, which stated - "The bank submitted fraudulently manipulated data to RBI for sample checks, the sample of accounts picked for inspection did not contain undisclosed HDIL related accounts. Conflict of interest of Shri Waryam Singh as Chairman of PMC Bank and as a former Managing Director of HDIL was also commented upon in the report along with the attempt by the bank to show disclosed accounts of HDIL group as standard by sanction of new loans to close old NPA accounts in non-adherence of RBI Master Circular dated July 1, 2015 on IRAC norms. HDIL's counsel Vikram Chaudhari had argued that the total value of encumbered properties is Rs.11,000 crore and as per EOW's FIR, the total dues to PMC bank are Rs.4355 crore, hence the properties that are already attached by the EOW or are mortgaged with the bank can be liquidated and there was no need to auction or attach unencumbered properties.

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History of this topic

PMC Bank Fraud Case: Bombay High Court Rejects Rakesh Wadhwan's Medical Bail Plea; Says He's Receiving Best Possible Treatment In Govt Hospital
3 years, 2 months ago

PMC Bank Fraud Case: Bombay High Court Rejects Rakesh Wadhwan's Medical Bail Plea; Says He's Receiving Best Possible Treatment In Govt Hospital

Live Law  

The Bombay High Court on Thursday rejected Housing Development Infrastructure Ltd promoter Rakesh Wadhwan's medical bail plea. Wadhwan claimed that he should be released for further treatment, possibly a bypass if required, as medical facilities in the government hospital were not up to the mark. Justice Nitin Sambre noted that Wadhwan was receiving the best possible treatment at a well-known …

Initial Response Looks 'Positive' for PMC Bank Resolution, Says RBI Governor
4 years, 1 month ago

Initial Response Looks 'Positive' for PMC Bank Resolution, Says RBI Governor

News 18  

Reserve Bank of India Governor Shaktikanta Das on Friday said the response from potential investors for reconstruction of crisis-ridden Punjab and Maharashtra Co-operative Bank looks “positive” so far. Last month, the fraud-hit multi-state urban cooperative bank sought Expression of Interest from potential investors for investment or equity participation in the bank for its reconstruction. While announcing the monetary policy on …

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI
4 years, 5 months ago

Plea to release ₹5 lakh to PMC bank depositors during COVID-19; HC seeks Centre, RBI

Live Mint  

New Delhi: The Delhi High Court Tuesday asked the Centre and the RBI to respond to a plea seeking release of up to ₹5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative Bank Ltd to help them address health issues during the prevalent COVID-19 pandemic. Misra, in the application filed through advocate Shashank Deo Sudhi, has said the …

Delhi HC directs PMC Bank to file status report on asset sale of HDIL promoters
4 years, 7 months ago

Delhi HC directs PMC Bank to file status report on asset sale of HDIL promoters

Live Mint  

NEW DELHI: The Delhi high court has directed the administrator of Punjab and Maharashtra Co-operative Bank Limited to file a status report on the asset sale of promoters of Housing Development and Infrastructure. The order comes on a plea seeking directions to the Reserve Bank of India to issue a statement on timeliness and safety of deposits held by depositors …

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 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 …

Bombay HC Reserves Order In PIL Seeking Expeditious Sale Of HDIL Assets In Order To Pay Back PMC Bank Depositors [Read Petition]
5 years ago

Bombay HC Reserves Order In PIL Seeking Expeditious Sale Of HDIL Assets In Order To Pay Back PMC Bank Depositors [Read Petition]

Live Law  

The Bombay High Court on Thursday reserved its order in a Public Interest Litigation filed by Advocate Sarosh Damania seeking public auction of all Housing Development and Infrastructure Limited assets either mortgaged with the crisis-hit Punjab and Maharashtra Co-operative Bank or attached by the Economic Offences Wing, Mumbai. HDIL's counsel Vikram Chaudhari told the Court that the total value of …

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI
5 years, 1 month ago

PMC Bank Crisis: Bombay HC Dismisses Petitions Challenging Withdrawal Restrictions Imposed By RBI

Live Law  

In a major setback for the aggrieved depositors of Punjab and Maharashtra Co-operative bank, the Bombay High Court on Thursday dismissed a batch of petitions filed by depositors challenging Reserve Bank of India's decision to impose limits on withdrawal of funds from the crisis hit bank. However, state minister Jayant Patil today told reporters that State government has suggested merger …

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions
5 years, 1 month ago

PMC Bank crisis: HC junks PMC Bank depositors' plea for lifting of restrictions

India TV News  

The Bombay High Court on Thursday dismissed pleas of the depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank, seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals. On September 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The Mumbai police's Economic Offences Wing, which …

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: Distressed depositors hold day-long protest at RBI office in Delhi
5 years, 1 month ago

PMC Bank scam: Distressed depositors hold day-long protest at RBI office in Delhi

Firstpost  

Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest New Delhi: Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protect outside the RBI office here, demanding their “hard-earned” money be returned at the earliest. Delhi resident Rajinder Singh, who says …

RBI affidavit details how it was ’cheated’ by scam-hit PMC Bank
5 years, 1 month ago

RBI affidavit details how it was ’cheated’ by scam-hit PMC Bank

Live Mint  

In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab & Maharashtra Cooperative Bank. The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that PMC Bank had submitted fraudulently manipulated data to …

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions
5 years, 1 month ago

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions

Live Law  

As hundreds of aggrieved depositors of the Punjab and Maharashtra Co-operative Bank protested outside the Bombay High Court, Reserve Bank of India on Tuesday filed a detailed affidavit listing out the reasons why the financial irregularities at Punjab and Maharashtra Co-operative Bank were not detected earlier by the Central Bank and steps being taken to ease the financial stress that …

Bombay High Court relief for SBI, other DHFL lenders
5 years, 1 month ago

Bombay High Court relief for SBI, other DHFL lenders

India TV News  

The Bombay High Court on Wednesday allowed a plea by a group of banks, including the State Bank of India, seeking to modify its earlier order restraining payments by mortgage financier DHFL to them. The high court said payments to banks and NBFCs, pursuant to any securitisation or similar agreement, will be allowed. The DHFL was making regular payments before …

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: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November
5 years, 2 months ago

PMC Bank scam: Bombay HC asks RBI what steps were taken to help depositors; next hearing on 19 November

Firstpost  

The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative Bank Mumbai: The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of …

PMC Bank scam: Depositors continue protest seeking payback; police detains three agitators
5 years, 2 months ago

PMC Bank scam: Depositors continue protest seeking payback; police detains three agitators

Firstpost  

Depositors of the PMC Bank on Wednesday protested in the financial capital, seeking an immediate payback of their dues from the troubled cooperative Mumbai: Depositors of the PMC Bank on Wednesday protested in the financial capital, seeking an immediate payback of their dues from the troubled cooperative. The Wednesday’s protest at the Azad Maidan, the designated protest ground in the …

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 …

Shiv Sena MPs meet RBI governor Shaktikanta Das, request him to redress issues related to scam-hit PMC bank's customers
5 years, 2 months ago

Shiv Sena MPs meet RBI governor Shaktikanta Das, request him to redress issues related to scam-hit PMC bank's customers

Firstpost  

A delegation of Shiv Sena MPs on Tuesday met RBI governor Shaktikanta Das requesting him to redress issues related to the PMC bank customers. Mumbai: A delegation of Shiv Sena MPs on Tuesday met RBI governor Shaktikanta Das requesting him to redress issues related to the PMC bank customers. five lakh as an additional measure.” Last month, the RBI restricted …

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 customers can now withdraw up to Rs 40,000 as RBI enhances limit
5 years, 2 months ago

PMC Bank customers can now withdraw up to Rs 40,000 as RBI enhances limit

India Today  

The Reserve Bank of India has enhanced the withdrawal limit for customers for the beleaguered Punjab & Maharashtra Co-operative Bank to Rs 40,000, a move the central bank said will allow 77 per cent of the bank's customers to withdraw their entire account balance. The RBI on Monday said after reviewing the bank's liquidity position and its ability to pay …

80% of PMC customers will get money back: Amit Shah
5 years, 2 months ago

80% of PMC customers will get money back: Amit Shah

India Today  

Around 80 per cent of Punjab & Maharashtra Co-operative Bank's customers will likely get all their money back once legal proceedings are over, Home Minister Amit Shah said, as he sought to assuage concerns over the scandal-hit bank's ability to pay its depositors. Speaking to India Today TV, Amit Shah said, "As far as PMC scam is concerned, only legal …

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 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 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 …

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 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 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: 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 …

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