PMC Bank scam: Ex-chairman Waryam Singh sent to police custody till Oct 9
68-year-old Waryam Singh, who had been missing since irregularities at PMC Bank two weeks ago, was picked up on Saturday and remanded to police custody till 9 October.
Waryam Singh, ex-chairman of Punjab and Maharashtra Cooperative (PMC) Bank, has been remanded to police custody till 9 October.
A Mumbai Police spokesperson said 68-year-old Waryam Singh, who went missing after irregularities at PMC Bank two weeks ago, was traced to a location in Mahim and picked up on Saturday.
As he was produced before the court, his lawyer Vibhav Krishna defended Waryam Singh, stating that he had no role in sanctioning the fraudulent loan to Housing Development and Infrastructure Limited (HDIL) and PMC Bank’s MD Joy Thomas was responsible for Rs. 4,355-crore fraud.
Krishna also said that there was no difference of opinion of Waryam Singh being a director at HDIL as the crime later surfaced.
On Saturday afternoon, Waryam Singh overcame EOW DCP Parag Manre by sending him a signed, written letter stating that he was planning to surrender to the EOW by evening and was also willing to cooperate.
However, the police team, which was already keeping an eye on his Andheri residence, quickly broke away to take him out of his hiding place near Mahim Church.
The latest case comes a day after PMC Bank’s missing managing director Joy Thomas was arrested in connection with the same case. Joy Thomas was remanded in police custody until 17 October on Saturday.
This is the third major arrest in the case in the last three days. Earlier, on Thursday, the police named Rakesh Kumar Wadhwan and Sarang Wadhwan, chairman and managing director of HDIL, and collected assets worth Rs 3,500 crore.
Last Monday, EOW filed a case against PMC Bank and HDIL for alleged loss of Rs 4,355 crore to the bank between 2008 and 2019 at the Bhandup branch.
Simultaneously, the Enforcement Directorate (ED) on Friday launched a separate investigation for money-laundering and conducted raids at six locations in Mumbai.
Sources in the ED said that the investigation report of an enforcement case, equivalent to the police FIR, was filed following a complaint by the manager (recovery department) of PMC Bank, which claimed to suppress the stressed debt accounts of HDIL More than 21,000 fictitious accounts were created, fluttering in the reserves. Standard bank of India
Joy Thomas, Waryam Singh, Wadhawan and other officials have been named in the Mumbai Police FIR and a Special Investigation Team (SIT) has been formed to probe the case.
On September 24, the RBI slapped a six-month ban, barring PMC Bank from exiting the majority of its regular business, causing huge panic among depositors and causing a setback to the bank and corporate circles ahead of the festive season.
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