Published 20:47 IST, October 5th 2019
PMC Bank Crisis: ED attaches HDIL promoters' private jet and jewellery
After attaching several luxury vehicles, ED has now attached jewellery worth Rs 60 crore and private jet on Saturday of HDIL promoters named in ECIR filed
- India News
- 3 min read
The crackdown by Enforcement Directorate (ED) in the PMC Bank scam continues. After attaching several luxury vehicles, ED has now attached jewellery worth Rs 60 crore on Saturday. ED has also attached a private jet of the promoters of Housing Development and Infrastructure Limited (HDIL). The private jet is in the name of Privilege Airways Private Ltd (Bombardier challenger - 300 9 seater VT). The exact valuation of the seized materials will be done in the coming few days.
ED attaches HDIl promoters' assets
ED is also in the process of attaching the yacht of Rakesh and Sarang Wadhawan. The yacht is currently in Maldives. The agency is in touch with the authorities so that they can get possession of the yacht. Top ED sources say they suspect that promoters have used the funds from the bank to invest in properties. The attachment process will continue for a few more days.
Meanwhile, Waryam Singh, ex-Chairman of the bank and an accused in the case, has surrendered before the Mumbai Police’s EOW. In a letter written earlier in the day, Singh said that he will cooperate with the investigating agency.
Here are the jewellery seized by ED:
PMC ex-MD sent to judicial custody
Earlier in the day, former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was remanded in police custody till October 17. The Economic Offences Wing (EOW) of Mumbai Police, which had arrested Thomas on October 4, produced him before Additional Chief Metropolitan Magistrate S G Shaikh.
The police told the court that they need his custody to interrogate him as he was part of the conspiracy. However, Thomas's lawyer argued that he is being made a "scapegoat". On October 3, the EOW had arrested directors of the bankrupt Housing Development and Infrastructure (HDIL) Rakesh Wadhawan and his son Sarang in connection with the case. They are in police custody till October 9.
RBI extends limit
On Thursday, the Reserve Bank of India (RBI) hiked withdrawal limit to Rs 25,000 from Rs 10,000 for PMC's depositors, according to PTI. Previously on September 23, the RBI had hiked the withdrawal limit from Rs.1000 to Rs. 10,000. On September 21, the RBI took control of the bank for six-months. It had also capped withdrawals at ₹1,000 per account and the bank is not allowed to make any fresh loans for six months. This announcement by the Central bank caused chaos throughout the financial capital, with panicked account holders crowding the bank.
Updated 21:11 IST, October 5th 2019