PMC Bank crisis: Former chairman Waryam Singh sent to police custody

former chairman of Punjab and Maharashtra Co-operative (PMC) bank Waryam Singh was sent to police custody on Sunday and he will be in police remand till October 9. On Saturday, he was arrested by Ecomic Offences Wing (EOW) of Mumbai police in relation to Rs.4,355 crore scam. Subsequently, y presented him before Esplane Court. Earlier, EOW froze bank accounts of former managing director of PMC bank, Joy Thomas and he was sent to police custody till October 17. 

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'Surrendered on his own'

investigating officer informed court about necessity to confront Singh with accused as he was chairman and executive director of  Housing Development and Infrastructure Ltd (HDIL) at same time. On or hand, vocate Vibhav Krishna argued that his client Singh would merely sign documents, which were approved by Thomas. Furrmore, he claimed that accused h surrendered on his own.

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He said, "My client surrendered on his own. He wrote a letter also and informed in vance that he will surrender. It is wrongly being portrayed that he was arrested.” Krishna ded, "Also, when summons was issued for him dated October 1, dates were mentioned when he was supposed to appear - my client's role was only 'title role'- decisions were taken by Joy Thomas. My client merely used to sign documents. All documents are alrey in custody of RBI appointed ministrator and EOW. Back n, when I was a chairman, n also I never h any access to any documents. I am banker and I got my position because I was elected.” 

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scam 

police registered a First Information Report (FIR) against top officials of PMC Bank and promoters of HDIL. According to prosecution, bank continued giving loans to debt-ridden HDIL from 2008 to 2019 despite  previous loans t being repaid. Several sections of Indian Penal Code (IPC) such as criminal breach of trust, cheating, and forgery have been invoked against accused. Along with Thomas, promoters of HDIL, Rakesh and Sarang Whwan were arrested and sent to police custody till October 9. Out of 44 accounts, a total of 10 were linked to HDIL. se included personal bank accounts of accused.  

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(With ANI inputs)