PMC Bank scam: ED asks Shiv Sena MP Sanjay Raut's wife - Varsha Raut to appear on Dec 29

In the ongoing PMC Bank scam investigation, the Enforcement Directorate (ED) on Sunday, has summoned Shiv Sena MP Sanjay Raut's wife - Varsha Raut to appear before the agency on 29 December. Sources report that she was first summoned on 11 December, but she had not responded. PMC Bank has been under RBI moratorium since September 2019, with the central bank still coming up with a reconstruction of the Punjab and Maharashtra Co-operative Bank.

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RBI: 'PMC Bank Resolution response positive'

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said the response from potential investors for the reconstruction of crisis-ridden Punjab and Maharashtra Co-operative Bank looks "positive" so far. Last month, the fraud-hit multi-state urban cooperative bank sought Expression of Interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. "The response looks positive at this point of time. The bank and its management are fully engaged with the investors who had purchased the information memorandum," Das told reporters.

In Yes Bank scam, PMC bank fraud-accused Rakesh & Sarang Wadhawan of HDIL booked by CBI

ED attaches Wadhawan's Rs 100 cr assets

Previously, the Enforcement Directorate (ED) attached three hotels owned by Rakesh Wadhawan in connection to the PMC Bank fraud.  As per the press release, three Delhi-based hotels - Hotel Conclave Boutique, Hotel Conclave Executive, Hotel Conclave Comfort (FAB Hotels) owned by Wadhawan and others amounting to Rs 100 crores, have been attached. Apart from PMC Bank fraud, Sarang Wadhawan has also been arrested by Mumbai police's Economic Offences Wing in connection with a Rs 1,034-crore scam in the redevelopment of the Goregaon Patra Chawl redevelopment project. The Wadhawan duo have also been booked for alleged Rs 200-crore loan fraud in the Yes Bank case.

Initial response looks 'positive' for PMC Bank resolution, says RBI Governor

PMC Bank crisis

RBI took control of the government-run Punjab and Maharashtra Cooperative (PMC) Bank bank on September 21, 2019, capping withdrawals. After the takeover, PMC Bank had admitted that one large account-Housing Development and Infrastructure Ltd (HDIL) was the sole reason for the present crisis. DIL directors Sarang Wadhawan and Rakesh Kumar Wadhawan were arrested by the Mumbai Police's Economic Offences Wing and the ED in connection with a fraud of over Rs 4,355 crores. PMC Bank officials gave loans to HDIL between the year 2008 and August 2019 despite not paying the previous loans. RBI has extended the moratorium till December  2020 limiting withdrawals to Rs 1 lakh, as no plan of restructuring has borne fruits yet.

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