Mumbai police's Economic Offences Wing (EOW), on December 27, submitted a chargesheet in the PMC Bank case. The chargesheet, which runs to 32,959 pages, has recorded the witness statements of around 340 persons, and named five persons as the accused.
Rakesh and Sarang Wadhawan, promoters of HDIL, former managing director of the bank Joy Thomas, former chairman Waryam Singh, former and director of the bank Surjit Singh Arora are the accused that are named in the chargesheet.
Also read: PMC Bank scam | ED files chargesheet against HDIL promoters
They have been charged under Sections 408, 419, 420, 467,468, 477 A, 201 and 120B of the Indian Penal Code (IPC), which includes cheating, fraud, destruction of evidence and the falsification of documents.
All the accused were arrested soon after the scam at the bank came to light in September this year, and are presently in judicial custody.
Apart from these five, the police has also arrested seven other bank officials, and the supplementary charge sheet will be filed against them later.
The 32,959-page chargesheet includes the forensic audit report of PMC bank. The chargesheet also elaborated on how 21,000 fake accounts were created by bank officials to hoodwink the Reserve Bank of India (RBI) on the bank's status on NPAs, and the bad loans given to HDIL and the group's companies.
The chargesheet has the statement of 340 witnesses, which include account holders in the bank. The witness statements also includes some crucial witness's statements who had recorded their statement under 164 of the Code of Criminal Procedure (Crpc).
Also read: PMC scam | Court gives nod to sell jets, yacht of Wadhawans
The fraud at the PMC bank came to light on September 23 this year when the RBI placed a directive on the bank. The total loss to the bank, as per the chargesheet, is Rs 4,700 crore. The amount may rise as the investigation is currently underway.
Through their investigation, the EOW learned of Waryam Singh's properties in Canada and United States. A source close to the development said, "Waryam Singh mostly carried out transactions through HDIL and rarely dealt with PMC Bank directly. So, after completion of forensic audit on HDIL, the actual amount of the money that was siphoned will come to light."
Another source told Moneycontrol, " Joy Thomas built 10 flats which are worth Rs 3.5 to 4.5 crore each. However, he is not able to tell the source of funding for these flats. As he mostly dealt in cash, it is not easy to track this money."
Meanwhile the Enforcement Directorate (ED) is investigating the money laundering angle to the scam on which it had submitted its chargesheet earlier this month.
EOW officials said that the investigation will further continue as four more accused that were arrested in connection to the case will be chargesheeted later. EOW officials mentioned that this is the first chargesheet and many depositors statements that have been recorded have been added in the the primary chargesheet, while the statement of others will be added to the next chargesheet.
Transactions related to some entities with HDIL and group companies are being probed.