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    HomeNewsBusinessPMC Bank crisis: Mumbai Police arrests former PMC chairman Waryam Singh

    PMC Bank crisis: Mumbai Police arrests former PMC chairman Waryam Singh

    The EOW, which has been on the lookout for Singh since September 30, had conducted searches in Mumbai at the premises of Waryam Singh and former Managing Director Joy Thomas, who was also arrested on October 4.

    Tarun Sharma
    October 05, 2019 / 20:35 IST

    The Economic Offences Wing (EOW) of Mumbai Police on October 5 has arrested Waryam Singh, former Chairman of Punjab and Maharashtra Co-operative Bank (PMC).

    The EOW, which has been on the lookout for Singh since September 30 had conducted searches in Mumbai at the premises of Waryam Singh and former Managing Director Joy Thomas, who was also arrested on October 4.

    Also read | PMC Bank-HDIL scam: Former bank MD Joy Thomas to be in EOW custody till October 17


    Searches at Singh's residence led to a freezing of his Demat Account that is worth Rs 100 crore.

    ED had registered an Enforcement Case Information Report (ECIR) on October 3 late evening. It was taken up based on the Mumbai Police Economic Offences Wing First Information Report (FIR).

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    The probe further found that loan amounts worth Rs 2,000 crore were also credited into the personal accounts of two directors of Housing Development and Infrastructure Ltd (HDIL). There was no record of the same in the PMC's core banking solution (CBS) system.


    it was established that there was a conflict of interest as PMC Bank Chairman Waryam Singh was also on the board of HDIL.

    PMC Bank was accused of creating nearly 21,049 dummy accounts with small outstanding balances in the master sheet submitted to RBI. These accounts were replaced with 44 loan accounts of HDIL and its group companies with outstanding debt of Rs 4,335.46 crore. EOW wants to know the exact details of these 44 loan accounts in their investigation. However, of these 44 accounts, only 10 belong to HDIL group.
    Tarun Sharma
    first published: Oct 5, 2019 08:18 pm

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