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 & Maharashtra Cooperative Bank, according to media reports. They've give unconditional consent for appropriation of funds received from monetisation#PMCBankCrisis #PMCBank #PMCBankFraud @dir_ed pic.twitter.com/kSDmCtx9kJ — CNBC-TV18 October 16, 2019 The Wadhawans, who are the prime accused in the PMC Bank scam, have requested the RBI and investigation agencies to sell off their assets, including a yacht, a Rolls Royce and an aircraft, to pay off the bank’s dues. According to the Mumbai Police’s Economic Offences Wing, which first arrested the Wadhawans, the scam at the Punjab & Maharashtra Cooperative Bank is worth Rs 4,355 crore. 86/ 2019…solely with the purpose to work towards the resolution of the matter in the interest of depositors which was also communicated vide our earlier letters dated 30 September, 2019, 1 October, 2019 and 3 October, 2019 sent to, we request you to immediately take steps to sell the assets mentioned below… and adjust it towards the principal of the loans taken by the respective companies which own the assets…,” the letter signed by the arrested father and son duo read, according to a PTI report.

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History of this topic

₹1,438.45 cr bank loan fraud: ED attaches assets worth ₹43.52 cr linked to UIL
3 months, 4 weeks ago

₹1,438.45 cr bank loan fraud: ED attaches assets worth ₹43.52 cr linked to UIL

Hindustan Times  

MUMBAI: The Mumbai zonal unit of the Enforcement Directorate has provisionally attached movable and immovable assets worth ₹43.52 crore as part of its money-laundering investigation related to a ₹1,438.45 crore bank loan default case involving metal trading company Ushdev International Limited and others. The loan funds granted to Mumbai-headquartered UIL were allegedly diverted to different entities in the “guise of …

ED Files Complaint Against NBFCs and Fintech Firms in Loan Scam
4 months, 2 weeks ago

ED Files Complaint Against NBFCs and Fintech Firms in Loan Scam

Deccan Chronicle  

Hyderabad: The Directorate of Enforcement, Hyderabad Zonal Officials, have filed Prosecution Complaint against several NBFCs, Fintech companies and individuals involved in instant loan lending business through various mobile applications before the Special MSJ Court, Nampally, Hyderabad under the provisions of Prevention of Money Laundering Act, 2002 and the Court has taken cognizance of the complaint. ED initiated investigation on the …

DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan
4 months, 3 weeks ago

DRT issues summons to Wadhawans for recovery of ₹846.63-crore bank loan

Hindustan Times  

MUMBAI: The Debt Recovery Tribunal, a quasi-judicial body that helps banks and financial institutions recover loans from customers, has issued a public summons to Housing Development and Infrastructure Ltd promoters Rakeshkumar Wadhawan and his son Sarang, in connection with the proceedings initiated by Bank of India for recovery of an outstanding loan amount of ₹846.63 crore from their group firm, …

CBI arrests Dheeraj Wadhawan in ₹34,000 crore DHFL fraud
7 months, 3 weeks ago

CBI arrests Dheeraj Wadhawan in ₹34,000 crore DHFL fraud

Hindustan Times  

The Central Bureau of Investigation has arrested Dheeraj Wadhawan, promoter of Dewan Housing Finance Ltd, in connection with the ₹35,000 crore fraud with a consortium of 17 banks led by Union Bank of India, people familiar with the development said. The Wadhawan brothers were arrested by CBI on July 19, 2022, but on December 3 same year, a trial court …

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

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

The Hindu  

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

ED attaches ₹2 crore assets in bank fraud case
11 months ago

ED attaches ₹2 crore assets in bank fraud case

Hindustan Times  

: Enforcement Directorate on Wednesday provisionally attached two immovable properties worth ₹2.15 crore belonging to a stakeholder of a private firm under the provisions of Prevention of Money Laundering Act, 2002 in a bank fraud case. HT Image The firm allegedly misappropriated a nationalised bank’s funds causing it to suffer financial losses. They further informed that ED initiated investigation on …

ED attaches DHFL promoters’ assets worth ₹70 cr
1 year, 2 months ago

ED attaches DHFL promoters’ assets worth ₹70 cr

Hindustan Times  

The Enforcement Directorate has provisionally attached assets worth ₹70.39 crore belonging to the former promoters of Dewan Housing Finance Limited, Kapil Wadhawan and Dheeraj Wadhawan. HT Image The attached assets are in the form of paintings and sculpture worth ₹28.58 crore, watches worth ₹5 crore, diamond jewellery worth ₹10.71 crore, 20% stake in a helicopter worth ₹9 crore and two …

Yes Bank-DHFL loan fraud case: Court allows Dheeraj Wadhawan to receive treatment at pvt hospital
1 year, 5 months ago

Yes Bank-DHFL loan fraud case: Court allows Dheeraj Wadhawan to receive treatment at pvt hospital

Hindustan Times  

MUMBAI: A special court hearing the Yes Bank - DHFL loan fraud case has allowed Dewan Housing Finance Corporation Ltd promoter Dheeraj Wadhawan to receive treatment for his heart-related ailments at Lilavati Hospital. The Wadhawan brothers were first arrested by the Central Bureau of Investigation in connection with the Yes Bank - DHFL fraud on April 26, 2020, and have …

ED seizes assets worth over Rs 121 crore in Pune bank fraud case
1 year, 7 months ago

ED seizes assets worth over Rs 121 crore in Pune bank fraud case

India Today  

The Enforcement Directorate has provisionally attached 47 immovable properties worth Rs 121.81 crore in Pune and movable assets worth Rs 54.25 lakh of Devi Concrete Products under the provisions of the Prevention of Money Laundering Act, 2002. The ED initiated the PMLA investigation based on a predicate FIR at Pune’s Vimantal Police station against Vinay Aranha of the Rosary Education …

Chinese loan app case | ED attaches ₹106-crore assets
1 year, 9 months ago

Chinese loan app case | ED attaches ₹106-crore assets

The Hindu  

The Enforcement Directorate has attached movable assets to the tune of ₹106 crore in connection with the “Chinese-controlled” loan app case. They have provided instant short-term loans to the public through loan apps and other means and charged high processing fees.,” said the agency on Wednesday. “These Chinese nationals-controlled entities have indulged in huge money laundering activities through the merchant …

ED seizes ₹46.67 crore in money laundering probe into HPZ Token app case
2 years, 3 months ago

ED seizes ₹46.67 crore in money laundering probe into HPZ Token app case

The Hindu  

The Enforcement Directorate has seized ₹46.67 crore lying in various bank and virtual accounts in connection with a money laundering probe involving the HPZ Token app that allegedly promised its users large gains against investments in mining machines for bitcoin and other cryptocurrencies. “Shigoo Technology Private Limited was also found linked to various Chinese-controlled companies.several other companies were receiving funds …

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders
2 years, 4 months ago

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders

News 18  

The Enforcement Directorate recently attached assets worth Rs 415 crore of Maharashtra’s two builders in relation to the Yes Bank-DHFL bank loan fraud-linked money laundering case. The DHFL scam is India’s biggest financial fraud involving Rs 34,000 crore, in which a total of 17 banks have been defrauded by this home loan provider. Here’re four biggest financial scams in India: …

DHFL Scam: CBI Seizes AgustaWestland Helicopter from Pune Premises of Builder Avinash Bhosale
2 years, 5 months ago

DHFL Scam: CBI Seizes AgustaWestland Helicopter from Pune Premises of Builder Avinash Bhosale

News 18  

The CBI has seized an AgustaWestland helicopter from the premises of builder Avinash Bhosale in Pune in connection with the Rs 34,615-crore bank fraud case involving DHFL, officials said Saturday. The federal probe agency had booked Dewan Housing Finance Ltd, its former CMD Kapil Wadhawan, Director Deepak Wadhawan and others on June 20 in the bank fraud case worth Rs …

DHFL diverted funds worth over Rs 14,683 crore through nine real estate firms, says CBI
2 years, 6 months ago

DHFL diverted funds worth over Rs 14,683 crore through nine real estate firms, says CBI

Firstpost  

The funds were part of Rs 42,871 crore of public money raised from banks that were allegedly misappropriated by DHFL, officials said New Delhi: DHFL allegedly diverted funds worth over Rs 14,683 crore through nine real estate firms controlled by then chairman-cum-managing director Kapil Wadhawan, director Dheeraj Wadhawan and businessman Sudhakar Shetty, where they had financial interests, the CBI has …

DHFL's Rs 34,615-Crore Fraud: A Look At India's Biggest Bank Fraud Case
2 years, 6 months ago

DHFL's Rs 34,615-Crore Fraud: A Look At India's Biggest Bank Fraud Case

News 18  

As the Central Bureau of Investigation has filed a new case against earstwhile DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan for defrauding a consortium of 17 banks led by Union Bank of India for Rs 34,615 crore, it has become the biggest bank fraud case registered by the agency. The agency booked the Dewan Housing Finance Corporation Ltd, Kapil Wadhawan, …

CBI Books DHFL's Kapil, Dheeraj Wadhawan in Rs 34,000-Cr Bank Fraud Case
2 years, 6 months ago

CBI Books DHFL's Kapil, Dheeraj Wadhawan in Rs 34,000-Cr Bank Fraud Case

News 18  

The Central Bureau of Investigation, or CBI has filed a new case against DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan, officials said on Wednesday, June 22. The case has been registered against the two Dewan Housing Finance Corporation Ltd or DHFL promoters for cheating a consortium of 17 banks led by the Union Bank of India to the tune of …

ED attaches assets worth Rs 76 Crore in Chinese loan app scam
3 years, 7 months ago

ED attaches assets worth Rs 76 Crore in Chinese loan app scam

India Today  

The Enforcement Directorate has attached money to the tune of Rs 76.67 crore, lying in various bank accounts and payment gateways, in connection with Chinese loan application companies and their Indian associates, officials said. The amount attached by ED pertains to seven companies, out of which three are fintech companies -- Mad Elephant Network Technology Private Limited, Baryonyx Technology Private …

CBI Books DHFL For Allegedly Creating 2.60 Lakh Fictitious Home-loan Accounts
3 years, 9 months ago

CBI Books DHFL For Allegedly Creating 2.60 Lakh Fictitious Home-loan Accounts

News 18  

The CBI has booked the DHFL and its directors for allegedly creating over 2.60 lakh fictitious home-loan accounts, some of which were used to claim interest subsidies in the Pradhan Mantri Awas Yojna, officials said on Wednesday. Promoters Kapil and Dheeraj Wadhawan, both booked along with the company, allegedly opened a fictitious branch of the DHFL in Bandra and fake …

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 …

Kapil Wadhawan Offers Rs 43,000 Crore Family Assets to Repay DHFL Lenders
4 years, 2 months ago

Kapil Wadhawan Offers Rs 43,000 Crore Family Assets to Repay DHFL Lenders

News 18  

The jailed promoter of crisis-hit mortgage lender DHFL, Kapil Wadhawan, has offered his personal and family properties, which he claims are worth Rs 43,000 crore, for repayment of outstanding loans of lenders to the company. Wadhawan has mentioned that after the IL&FS crisis in September 2018, not only DHFL but all the NBFCs face major financial crisis and the company …

Yes Bank case: CBI books HDIL promoters Wadhawans, others for Rs 200-cr loan fraud
4 years, 3 months ago

Yes Bank case: CBI books HDIL promoters Wadhawans, others for Rs 200-cr loan fraud

Firstpost  

It is alleged that loans taken for Mack Star were transferred to settle HDIL liabilities to Yes Bank without intimation to its majority stakeholder and investor ODIL in a conspiracy orchestrated by the HDIL promoters, directors and auditors New Delhi: The CBI has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, along with former PMC Bank chairman Waryam Singh and …

DHFL Promoters Wadhawan Brothers Land in Chennai Jail for Fraud of Rs 218 Crore
4 years, 3 months ago

DHFL Promoters Wadhawan Brothers Land in Chennai Jail for Fraud of Rs 218 Crore

News 18  

The Economic Offence Wing of Tamil Nadu Police has requested investors cheated by Dewan Housing Finance Corporation Ltd to lodge complaints with it. The EOW have arrested two promoters of DHFL — Kapil Rajesh Wadhawan and Dheeraj Rajesh Wadhawan — and them lodged in a jail here for cheating the investors to the tune of Rs 218 crore, an official …

DHFL promoters barred from market
4 years, 3 months ago

DHFL promoters barred from market

Live Mint  

The Securities and Exchange Board of India on Tuesday barred promoters of Dewan Housing Finance Corp. Ltd from the securities market, accusing them of indulging in fraudulent transactions and misleading investors by releasing false financial statements for over a decade. The financial impact of the fraudulent transactions is ₹14,046 crore, which is the outstanding loans in the books of DHFL …

PMLA court sends Wadhawan brothers to judicial custody till June 11
4 years, 7 months ago

PMLA court sends Wadhawan brothers to judicial custody till June 11

The Hindu  

Kapil Wadhawan and Dheeraj Wadhawan, promoters of Dewan Housing Finance Limited, were produced before a special Prevention of Money Laundering Act court by the Enforcement Directorate on Wednesday, which sent the brothers to judicial custody till June 11. The Wadhawan brothers were arrested by the ED in connection with the Yes Bank fraud case on May 14, after a single …

Yes Bank scam: Special court sends Kapil, Dheeraj Wadhawan to CBI custody till 29 April
4 years, 8 months ago

Yes Bank scam: Special court sends Kapil, Dheeraj Wadhawan to CBI custody till 29 April

Firstpost  

A special court here on Monday remanded DHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan to CBI custody till 29 April in connection with the Yes Bank scam, officials said Mumbai: A special CBI court here on Monday remanded DHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan to CBI custody till 29 April in connection with …

Yes Bank scam: Special court rejects DHFL promoter Kapil and Dheeraj Wadhawan's plea for FIR copy
4 years, 8 months ago

Yes Bank scam: Special court rejects DHFL promoter Kapil and Dheeraj Wadhawan's plea for FIR copy

Firstpost  

A special court here has rejected the plea of DHFL promoter Kapil Wadhawan and his brother Dheeraj, seeking inspection and certified copies of the FIR registered against them in connection with the Yes Bank scam Mumbai: A special court here has rejected the plea of DHFL promoter Kapil Wadhawan and his brother Dheeraj, seeking inspection and certified copies of the …

Yes Bank: Wadhawans skip ED summons
4 years, 9 months ago

Yes Bank: Wadhawans skip ED summons

India TV News  

DHFL promoters Kapil and Dheeraj Wadhawan on Tuesday skipped appearing before the Enforcement Directorate in connection with a money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. It is expected that the ED may now issue them new summons for appearance and may also move a court seeking cancellation of the bail granted to Kapil Wadhawan …

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 …

DHFL diverted Rs 12,773 cr to 79 companies via 1 lakh fictitious retail customers as loans, says ED
4 years, 11 months ago

DHFL diverted Rs 12,773 cr to 79 companies via 1 lakh fictitious retail customers as loans, says ED

Firstpost  

The agency found that the loans were diverted between 2011 and 2016 and the 79 companies were allegedly associated with the promoters of DHFL New Delhi: The Enforcement Directorate has found diversion of Rs 12,773 crore from Dewan Housing Finance Ltd to the accounts of 79 companies routed through one lakh fictitious retail customers as loans, sources said. The corrupt …

Kapil Wadhawan diverted Rs 2,186 crore from DHFL to buy Mirchi properties
4 years, 11 months ago

Kapil Wadhawan diverted Rs 2,186 crore from DHFL to buy Mirchi properties

India Today  

The Enforcement Directorate made its fifth arrest in connection with selling properties belonging to gangster Dawood aide and drug trafficker Iqbal Mirchi. Of the said amount, it has been revealed that the source of the said amount paid in India was arranged as a loan by Ms Sunblink Real Estate Pvt Ltd to Iqbal Mirchi from DHFL and later repaid …

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

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

India TV News  

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

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

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

India TV News  

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

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

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

Firstpost  

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

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

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

Firstpost  

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

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

PMC Bank Crisis: Bombay HC Allows Auction Of HDIL Assets

Live Law  

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

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

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

Firstpost  

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

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

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

Firstpost  

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

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

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

India TV News  

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

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

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

Firstpost  

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

PMC Bank scam: 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 …

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 …

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