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PMC Bank scam: Custody of Wadhawans, Waryam Singh extended till October 14

Police told the court that they need to interrogate the accused further in connection with the scam

Press Trust of India  |  Mumbai 

Rakesh Wadhawan,  promoters of Housing Development Infrastructure Ltd, and Waryam Singh, EX-Chairman, PMC Bank being produced in court in Mumbai in connection with the PMC Bank case in Mumbai on Wednesday, 9th Oct, 2019.- KAMLESH PEDNEKAR.
Rakesh Wadhawan, promoters of Housing Development Infrastructure Ltd, and Waryam Singh, EX-Chairman, PMC Bank being produced in court in Mumbai in connection with the PMC Bank case in Mumbai on Wednesday, 9th Oct, 2019.- KAMLESH PEDNEKAR.

A court here on Wednesday extended till October 14 the police custody of a former chairman of the Punjab and Maharashtra Cooperative (PMC) Bank and two directors of HDIL, arrested in connection with the alleged Rs 4,355 crore scam at the bank.

Housing Development Infrastructure Ltd (HDIL) chairman and managing director Rakesh Wadhawan and his son Sarang were arrested on last Thursday, while former chairman of Waryam Singh was held on Saturday.

The Economic Offences Wing (EOW) of the Mumbai Police, which had arrested the trio, produced them before Additional Chief Metropolitan Magistrate S G Shaikh as their custody ended on Wednesday.

Police told the court that they need to interrogate the accused further in connection with the scam.

The court then extended their remand till October 14.

Meanwhile, a number of customers of the bank staged protest against the bank officials outside the court.

The EOW had last week registered a case against the Wadhawans and the for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

Properties worth around Rs 3,500 crore, belonging to HDIL, had also been frozen by the EOW during the probe.

Besides the trio, police have also arrested Joy Thomas, former managing director of the PMC Bank, in the case. He is presently in police custody till October 17.

The EOW had earlier told the court the replaced 44 loan accounts of and its group companies, whose outstanding balance was significantly higher, with 21,049 fictitious loan accounts.

It is alleged that the bank's board of directors and executives, including Joy Thomas, had "full knowledge" of this act.

First Published: Wed, October 09 2019. 16:11 IST
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