PMC Bank Scam: Former chairman Waryam Singh, HDIL directors sent to JC

A special court of Mumbai Police’s Economic Offences Wing (EOW) on Wednesday sent Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh and Sarang Wadhawan as well as Punjab and Maharashtra Co-operative (PMC) Bank Ltd’s former chairman Waryam Singh to Judicial Custody till 23rd October 2019. The investigation officer informed the court that they have completed the investigation from the accused and no more custody needed. Henceforth, the court sent all three of them to judicial custody.

READ: PMC Bank Scam: SC Agrees To Hear PIL Seeking Protection For Victims

Wadhawan's properties seized

The defence counsel mentioned that a list of all the properties has been submitted to the Economic Offences Wing (EOW) of the Mumbai Police, adding that that the properties seized have a greater value than HDIL's exposure to the bank.
The EOW of the Mumbai Police has been interrogating all the arrested individuals for digging deeper in the bank fraud case that was going on for over a decade.

Moreover, Hundreds of the bank's depositors, holding placards, gathered outside the court premises and staged a protest, demanding that their "hard-earned" money be returned at the earliest. Some of the depositors, while speaking to the media, sought a written assurance from the Prime Minister and Finance Minister that their money would be returned.

READ: Mumbai Woman Commits Suicide; PMC Bank Crisis Claims Three Lives

Two of the deceased PMC account holders were said to be distressed following the crisis and died of heart attack while the third one committed suicide. Less than 24 hours after 51-year-old Sanjay Gulati died of cardiac arrest after returning from a protest in the PMC Bank issue, another PMC Bank customer Fattomal Punjabi also died due to heart attack. In the third case, Dr Nivedita Bijlani (39) allegedly ended her life by taking an overdose of sleeping pills at her residence in suburban Versova late Monday evening, PTI reported. She is said to have deposits of over ₹1 crore with PMC Bank. The police, however, have denied any link of the PMC Bank issue with her suicide.

READ | Merge PMC Bank With Larger Bank: Shiv Sena To RBI

EOW arrests HDIL Directors

EOW arrested all three last week for their alleged involvement in a ₹4,355-crore fraud at PMC Bank. The Wadhawans were arrested on 3 October and Singh two days later. On 30 September, EOW filed a first information report (FIR) against HDIL and PMC Bank officials, including Thomas. The FIR alleged possible fraud and wrongful loss of ₹4,355 crore and charges of cheating against HDIL. EOW has seized properties worth ₹4000 crore in the PMC Bank scam so far.

READ | Amit Shah Assures PMC Clients: ED's Seizures Greater Than Scam Amount