EoW files FIR against PMC Bank's Waryam Singh, Joy Thomas, & HDIL's Sarang Wadhawan Among Others for Causing a Loss of Rs4,355 crore
IANS 01 October 2019
The Economic Offences Wing (EoW) of Mumbai Police has registered an FIR against senior officials of Housing Development and Infrastructure Ltd (HDIL) and Punjab and Maharashtra Cooperative (PMC) Bank over allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.
 
The FIR mentioned PMC Bank's now-suspended Managing Director Joy Thomas, Chairman Waryam Singh and other executives. It also mentions involvement of Sarang Wadhawan, the Vice Chairman and Managing Director of HDIL. 
 
The EOW has also appointed a special team to carry out investigations into the case. 
 
The first information report (FIR) has been filed under Sections 409 (vriminal breach of trust by a public servant or banker), 420 (cheating), and 465, 466 and 471 (related to forgery) of the Indian Penal Code along with 120 (b) (criminal conspiracy). 
 
As per the complaint, the bank officials, between 2008 and 2019, deliberately violated banking norms and showed false profits to mislead the authorities, although the bank was actually incurring losses. 
 
It also said that the bank also veiled the group's large exposure and non-performing assets (NPAs) from the Reserve Bank of India (RBI) by creating dummy accounts. 
 
Earlier in the day, Minister of State for Finance Anurag Thakur said that the irregularities at the PMC Bank raises questions on the roles of regulator (RBI), auditor, independent directors and bank directors, adding that the government will look into all the areas because eventually it is going to impact the common man. 
 
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Comments
Valsan Menon
2 years ago
The Pubic Servants are considered to certain extent corrupt, Judges are not involved at this moment. The Political Clan is the MOST corrupted or they have nothing else but how to cheat others and make money or enable others siphoning Deposits.
But there is a PROFESSIONAL who has been entrusted with AUDIT of the Accounts, who is considered to be an expert in the Field of Audit and Accounts. How come he has been continuing to be part of the Mismanagement. He need to be penalized, those who depended on the Annual Accounts need to be compensated by the Auditors and need to ensure that his name is removed from the Register. Natural Justice and Equity only demand immediate punnishing the Auditor in the first instance.
P M Ravindran
2 years ago
Unless the public servants headed by the IAS and our judges are made accountable these frauds will continue unabated.
Ranbir Lamba
Replied to P M Ravindran comment 2 years ago
Fix them fast through courts
P M Ravindran
2 years ago
Unless the public servants headed by the IAS and our judges are made accountable these frauds will continue unabated.
Ranbir Lamba
Replied to P M Ravindran comment 2 years ago
RBI Regulator & auditor Nexus with netas blessings
Mohan Krishnan
2 years ago
Time pass. High probability it will be taken over. Neta - Babu- Crony Business alliance is very powerful. They are the real rulers. They have different set of rules.
Ranbir Lamba
2 years ago
Charge RBI regulator + Auditor + Finance Ministry official for Dereliction of duties & negligence . Recover loss from them
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