PMC Scam: Wadhawan duo, Waryam sent to police custody till Oct 16

Esplane court on Monday, October 14, sent former Punjab and Maharashtra Co-operative (PMC) bank chairman Waryam Singh and Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh Whawan and Sarang Whawan to police custody in connection with bank fraud case.  Court has remanded trio to police custody till 16th October. Last week, Mumbai Police h nabbed Whawan duo.

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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ED raids Whawans' properties

As a part of its crackdown against promoters of HDIL, ED raided several houses belonging to m. y attached a private jet in name of Privilege Airways Private Ltd (Bombardier challenger - 300 9 seater VT) which is in Maldives at this time. A fleet of 12 luxurious cars including a Mercedes and a Rolls Royce were seized. Furrmore, two golf carts were also recovered from bungalow. A speed boat that was often used by Whawans has come under scanner as well. On Saturday, October 5, ED attached ir jewellery worth Rs 60 crore. 

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About 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)