Published 14:33 IST, October 14th 2019
PMC Scam: Wadhawan duo, Waryam sent to police custody till Oct 16
The Esplanade court sent former PMC bank chairman Waryam Singh &HDIL promoters Rakesh Wadhawan and Sarang Wadhawan to police custody in connection PMC scam
The Esplanade 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 Wadhawan and Sarang Wadhawan to police custody in connection with the bank fraud case. The Court has remanded the trio to police custody till 16th October. Last week, the Mumbai Police had nabbed the Wadhawan duo.
The former Chairman of the 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 the Economic Offences Wing (EOW) of the Mumbai police in relation to the Rs 4,355 crore scam. Subsequently, they presented him before the Esplanade Court. Earlier, the EOW froze the bank accounts of the former Managing Director of the PMC bank, Joy Thomas and he was sent to police custody till October 17.
ED raids Wadhawans' properties
As a part of its crackdown against the promoters of HDIL, the ED raided several houses belonging to them. They attached a private jet in the name of Privilege Airways Private Ltd (Bombardier challenger - 300 9 seater VT) which is in the Maldives at this time. A fleet of 12 luxurious cars including a Mercedes and a Rolls Royce were seized. Furthermore, two golf carts were also recovered from the bungalow. A speed boat that was often used by the Wadhawans has come under the scanner as well. On Saturday, October 5, the ED attached their jewellery worth Rs 60 crore.
About the scam
The police registered a First Information Report (FIR) against the top officials of the PMC Bank and the promoters of the HDIL. According to the prosecution, the bank continued giving loans to the debt-ridden HDIL from 2008 to 2019 despite the previous loans not being repaid. Several sections of the Indian Penal Code (IPC) such as criminal breach of trust, cheating, and forgery have been invoked against the accused. Along with Thomas, the promoters of HDIL, Rakesh and Sarang Wadhwan were arrested and sent to police custody till October 9. Out of 44 accounts, a total of 10 were linked to HDIL. These included the personal bank accounts of the accused.
(with ANI inputs)
Updated 16:23 IST, October 14th 2019