MUMBAI: A local court Sunday sent Waryam Singh, the suspended chairman on Punjab and Maharashtra Cooperative (PMC) Bank to police custody till October 9. Singh was placed under arrest after being ‘nabbed’ in Mahim in South Mumbai on Saturday evening.He is the fourth arrest in the alleged loan default at the cooperative bank by HDIL group in ‘connivance’ with bank officials.Meanwhile, the Enforcement Directorate (ED) which has registered a money laundering case in this matter and will soon write to Maldives to attach a yacht owned by the promotors of HDIL group. The agency has also attached a private jet, a nine-seater Bombardier Challenger-300 aircraft registered in the name of Privilege Airways Private Ltd, a company in which both Rakesh and son, Sarang Wadhawan are directors. The father-son duo are in the custody of the Mumbai Police.The city police told the court that they want to confront Singh with the other three arrested accused as he was also an executive director with the realty developer group when he was holding the post of the chairman with the bank, thereby amounting to a case of conflict of interest.“We have to confront him with the other accused. The accused was PMC chairman and HDIL executive director at the same time,” The EOW told the court. The defence counsel argued that the decisions were taken by ex-MD Joy Thomas (who has been arrested on Friday) and that his client was a ‘mere signatory’. “All the documents are already in the custody of RBI appointed administrator and EOW. Back then, when he was a chairman also (and) he never had any access to any documents,” he contended.The Mumbai Police is probing a loan default of Rs 4,600 crore and is also investigating ‘evergreeing of loans’, as they have stumbled upon instances where these alleged masked loans availed from PMC were used to meet the debt obligations of other banks by the realty developer group.“Initially it appears that the funds availed by HDIL from PMC Bank have not been utilised for designated purposes of borrowings. Initiall scrutiny of financial statements indicate diversions and misappropriation of funds in larger amounts,” read the remand application filed before the court.
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Sunday, October 6, 2019
PMC suspended chief in police custody till 9th
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Orai is a city and a municipal board in Jalaun district in the Indian state of Uttar Pradesh. It is the district headquarters for Jalaun District
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