PMC bank employees were forced to create false data, states Mumbai Police's chargesheet

On Friday, ecomic offences wing (EOW) of Mumbai Police filed a chargesheet before Metropolitan Magistrate Court in ₹6,670-crore fraud case against Punjab and Maharashtra Co-operative (PMC) Bank. chargesheet revealed that certain employees of PMC bank were forced to create false data which has to be submitted to Reserve Bank of India (RBI), to hide problematic loan accounts of Housing Development and Infrastructure Limited (HDIL).

chargesheet filed by EOW officials before court runs into around 33,000 ps. Republic TV has accessed sypsis of chargesheet which revealed that certain employees of bank were t only forced to create false data, but were also allegedly aware of hidden accounts of HDIL which were t disclosed since two-years i.e since 2017, before scam came to light.

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False reports recorded

Former Managing Director of PMC Joy Thomas and or functionaries including Executives and Board of Directors of bank, intentionally reported false records of its account to RBI to subdue loan accounts of HDIL groups.

charge sheet also includes forensic audit report of PMC Bank, details of diversions of funds by prime accused, Wadhawans, documents of properties purchased by accused bank officials and kickbacks received by m from promoters of HDIL. charge sheet also shows details of 21,000 fake accounts that were created by bank officials to hoodwink RBI for NPAs and bad loans that were given to HDIL.

READ: Inspection report of scam-hit PMC Bank yet to be finalised: RBI

12 arrests so far 

340-witness' statements in chargesheet include those of account holders in PMC Bank. Some of witnesses recorded ir statements under Section 164 CrPc in front of magistrate. EOW action comes days after ED filed a chargesheet against HDIL promoters Rakesh Wadhawan and Sarang Wadhawan before a special court set up under Prevention of Money Laundering Act (PMLA). y were initially arrested by EOW and later taken into custody by ED.

Twelve people have so far been arrested by EOW in connection with scam. Among m, five who have been named in EOW chargesheet are at presently in judicial custody.

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