Betrayed by a bank: How the collapse of Punjab and Maharashtra Cooperative Bank left thousands in distress
5 years, 1 month ago

Betrayed by a bank: How the collapse of Punjab and Maharashtra Cooperative Bank left thousands in distress

The Hindu  

It was late September when Andrew Lobo, 71, was brought home from a hospital in Mumbai after undergoing treatment for lung infection. Addressing a press conference soon after the RBI barred the bank from carrying out its routine transactions, the suspended Managing Director of PMC Bank, Joy Thomas, admitted that ₹2,500 crore of exposure to the Housing Development and Infrastructure Limited group had been left unnoticed in the annual audit of RBI. The RBI said a complaint had been filed by PMC Bank against its officials and borrowers associated with the financial irregularities in the bank and manipulation of its books of accounts. Seizing assets The EOW found 21,049 accounts that were in the name of fictitious parties, which had been used to replace the 44 actual accounts of the HDIL group in the bank’s records. Meanwhile, the EOW arrested Sarang and Rakesh Wadhawan; former chairman of PMC Bank, Waryam Singh; former PMC Bank Managing Director, Joy Thomas; and Director Surjit Singh Arora in connection with the case.

Mumbai Money Maharashtra Assets Bank Crore Pmc Punjab Fir Rbi Thomas Eow Chris Depositors Pmc Bank Hdil Wadhawans Modsingh  punjab  money  cooperative  left  bank  thousands  maharashtra  distress  betrayed  assets  crore  banks  pmc  eow  rbi  depositors  collapse  hdil

History of this topic

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 …

No funds available: Depositors at India's PMC Bank survive on loans, charity
4 years, 4 months ago

No funds available: Depositors at India's PMC Bank survive on loans, charity

India Today  

In February, 82-year-old Kishan Lal appealed to India's finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour. Asked about the delay in resolving PMC's problems, Jai Bhagwan Bhoria, an administrator appointed by the RBI to revive …

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: 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 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 …

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank
5 years, 1 month ago

Maharashtra government suggests merger of troubled PMC Bank with MSC Bank

India TV News  

In a bid to provide relief to depositors of the troubled lender, the Maharashtra government has suggested the scam-hit Punjab and Maharashtra Cooperative Bank be merged with the MSC Bank. The state government will also speak to the Reserve Bank of India on the issue of merger of the Maharashtra State Cooperative and PMC banks, if the need arises, Patil …

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 …

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: Depositors gather outside RBI Delhi office, demand assurance on return of their savings
5 years, 2 months ago

PMC Bank scam: Depositors gather outside RBI Delhi office, demand assurance on return of their savings

Firstpost  

A group of distressed PMC depositors gathered outside the Reserve Bank of India office here on Wednesday, seeking an assurance that their deposits in the scam-hit corporative bank are safe and will be returned to them within a stipulated time New Delhi: A group of distressed PMC depositors gathered outside the Reserve Bank of India office here on Wednesday, seeking …

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: 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: Depositors continue with their protests by agitating outside RBI office, seek payback of stuck money
5 years, 2 months ago

PMC Bank scam: Depositors continue with their protests by agitating outside RBI office, seek payback of stuck money

Firstpost  

Mumbai: Harried depositors of the troubled Punjab and Maharashtra Cooperative Bank continued with their protests by agitating outside an office of the Reserve Bank here on Tuesday, to demand a payback of their stuck money. The PMC Bank has been put under restrictions by the RBI for over a month, after an alleged Rs 4,355 crore scam came to 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 …

PMC Bank crisis: Over Rs 10 cr found missing from lender's record, internal investigation team reveals, says report
5 years, 2 months ago

PMC Bank crisis: Over Rs 10 cr found missing from lender's record, internal investigation team reveals, says report

Firstpost  

Multiple cheques were issued by HDIL and its related entites which were never deposited with the bank and yet cash was handed over to them, according to a report A sum of Rs 10.5 crore cash is missing from Punjab and Maharashtra Co-operative Bank’s record, according to the bank’s internal investigation team. Meanwhile, former PMC Bank director S Surjit Singh …

Around 50 PMC bank customers stage protest outside RBI
5 years, 2 months ago

Around 50 PMC bank customers stage protest outside RBI

India TV News  

Around 50 depositories of the scam-hit Punjab and Maharashtra Cooperative Bank staged a protest outside the RBI demanding revoking restrictions on cash withdrawal, currently capped at Rs 40,000 over a six-month period. A depositor of the bank allegedly committed suicide in Mumbai, while another died of a heart attack a few hours after taking part in a protest by bank …

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 …

Former Director of PMC Bank S Surjit Arora arrested
5 years, 2 months ago

Former Director of PMC Bank S Surjit Arora arrested

India TV News  

Former Director of PMC Bank S Surjit Arora has been arrested by Economic Offences Wing of Mumbai Police. Arora was a director of the PMC Bank and was also on its loan committee, he said. The EOW has already arrested promoters of HDIL group Rakesh and Sarang Wadhawan, former PMC Bank chairman Waryam Singh and former managing director Joy Thomas …

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,” …

Another PMC bank depositor dies of heart attack, second death within a day
5 years, 2 months ago

Another PMC bank depositor dies of heart attack, second death within a day

Op India  

A depositor of troubled Punjab and Maharashtra Co-operative Bank, Fattomal Punjabi has died of a heart attack on Tuesday, making it two deaths of depositors with the bank within the span of a day. Punjabi’s death comes just a day after another depositor named Sanjay Gulati had died of a heart attack in Mumbai after failing to withdraw his life …

PMC Bank scam: Will not spare anyone, Mumbai Police chief tells protesters
5 years, 2 months ago

PMC Bank scam: Will not spare anyone, Mumbai Police chief tells protesters

India Today  

Mumbai Police Commissioner Sanjay Barve has assured the depositors affected by the Punjab and Maharashtra Cooperative Bank scam that the police will not spare anyone found guilty in the case. Barve said the police will try to get the money back and complete investigation in the PMC Bank case in 90 days. Barve said he was also a banker while …

PMC Bank row: Mumbai man who lost money in scam-hit bank and job at Jet Airways dies of cardiac arrest
5 years, 2 months ago

PMC Bank row: Mumbai man who lost money in scam-hit bank and job at Jet Airways dies of cardiac arrest

Firstpost  

The man’s father said they had a deposit of over Rs 90 lakh with the PMC Bank, and also a recurring deposit account for the children. Mumbai: A 51-year-old Mumbai resident whose deposit of over Rs 90 lakh was stuck with the scam-hit PMC Bank died of a cardiac arrest, hours after taking part in a protest by bank customers …

Former PMC Bank chairman Waryam Singh, HDIL directors' police custody extended till 16 October; depositors protest outside court
5 years, 2 months ago

Former PMC Bank chairman Waryam Singh, HDIL directors' police custody extended till 16 October; depositors protest outside court

Firstpost  

The Economic Offences Wing arrested all three accused last week for their alleged involvement in the Rs 4,355-crore fraud at PMC Bank Mumbai’s Esplanade court extended the police custody of former Punjab and Maharashtra Co-operative Bank chairman Waryam Singh and Housing Development and Infrastructure Limited directors Rakesh Wadhawan and Sarang Wadhawan till 16 October. The Economic Offences Wing arrested all …

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: Account holders protest outside Mumbai court, ask govt, RBI for help
5 years, 2 months ago

PMC Bank scam: Account holders protest outside Mumbai court, ask govt, RBI for help

India Today  

Around 200 Punjab and Maharashtra Co-operative Bank Bank account holders on Monday protested outside the Mumbai court at the time when the accused in the PMC Bank scam-- Housing Development and Infrastructure Ltd. directors Rakesh Wadhawan and Sarang Wadhawan and former PMC Bank Chairman Waryam Singh-- were produced before the court for hearing. Many who were account holders in the …

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 …

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 scam: Finance Minister Nirmala Sitharaman faces protesters; promises legislation
5 years, 2 months ago

PMC Bank scam: Finance Minister Nirmala Sitharaman faces protesters; promises legislation

Firstpost  

Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative Bank, and promised to bring in legislative changes for upholding of their interests Mumbai: Finance Minister Nirmala Sitharaman on Thursday faced irate depositors of Punjab and Maharashtra Co-operative Bank, and promised to bring in legislative changes for upholding of their interests. The depositors had gathered outside …

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 Chairman Waryam Singh sent to police custody till October 9
5 years, 3 months ago

PMC Bank Chairman Waryam Singh sent to police custody till October 9

India TV News  

A Mumbai Court on Sunday remanded to police custody till October 9 the former Chairman of the crisis-hit Punjab & Maharashtra Cooperative Bank Ltd., S. Waryam Singh, officials said. The 68-year old Singh was missing since the irregularities in the PMC Bank tumbled out two weeks ago, and was traced to a location in Mahim where he was in hiding …

PMC Bank scam: Ex-chairman Waryam Singh sent to police custody till Oct 9
5 years, 3 months ago

PMC Bank scam: Ex-chairman Waryam Singh sent to police custody till Oct 9

India Today  

Ex-Chairman of Punjab and Maharashtra Cooperative Bank, Waryam Singh has been sent to police custody till October 9. Waryam Singh, 68, missing since the irregularities in the PMC Bank tumbled out two weeks ago, was traced to a location in Mahim where he was in hiding and picked up on Saturday, a Mumbai Police spokesperson said. As he was presented …

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 Chairman Waryam Singh arrested by Mumbai Police
5 years, 3 months ago

PMC Bank Chairman Waryam Singh arrested by Mumbai Police

India TV News  

The absconding Chairman of the crisis-hit Punjab & Maharashtra Cooperative Bank Ltd, S. Waryam Singh, has been nabbed by the Economic Offences Wing of Mumbai Police, an official said here on Saturday. Waryam Singh, 68, who was missing since the irregularities in the PMC Bank tumbled out two weeks ago, was traced to a location in Mahim where he was …

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’s MD arrested from Mumbai, search for former chairman is still on
5 years, 3 months ago

PMC Bank’s MD arrested from Mumbai, search for former chairman is still on

Hindustan Times  

The now-suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative Bank, Joy Thomas, was placed under arrest by Mumbai Police’s Economic Offences Wing on Friday evening. HT Image Thomas and former PMC Bank chairperson Waryam Singh were named among the accused in the first information report filed earlier in the week in the case of financial irregularities at PMC …

police arrests suspended PMC Bank Managing director Joy Thomas
5 years, 3 months ago

police arrests suspended PMC Bank Managing director Joy Thomas

Op India  

A special investigation team of the Economic Offences Wing of Mumbai Police arrested absconding former MD of PMC Bank Joy Thomas today. They had been on the lookout for Joy Thomas and the bank’s former chairman Waryam Singh who were absconding ever since EOW arrested the HDIL chairman and managing director Rakesh Wadhawan and his son Sarang, co-accused in the …

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 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 case: ICAI to check role of auditors; seeks information from RBI, other authorities on lender's crisis
5 years, 3 months ago

PMC Bank case: ICAI to check role of auditors; seeks information from RBI, other authorities on lender's crisis

Firstpost  

In a statement, ICAI said it has sought requisite details of their findings as well as that of any “member/firm alleged to be involved in the matter. New Delhi: Chartered accountants’ apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities …

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