Fogs are getting cleared day-by-day that the case of Punjab and Maharashtra Cooperative (PMC) Bank is a big scam and new revelations are being made in it every day. Mumbai Police investigation has now revealed that the officials of PMC bank transferred Rs 2000 crore directly to the personal accounts of top officials of the ravaged company HDIL. This amount was sanctioned in the name of loan to HDIL.
According to the rule, this amount should go to the company's accounts, but it was sent directly to the accounts of the top officials. The Economic Offenses Wing (EOW) of Mumbai Police has arrested HDIL promoters Rakesh Kumar Wadhawan and Sarang Wadhawan on Thursday in the PMC case itself.
EOW has also seized properties worth Rs 3,500 crore of these two promoters. Rakesh Wadhawan is the executive chairman of HDIL and the managing director of Sarang Company. Both of them were questioned by the special investment team of EOW, but when both did not cooperate, they were arrested.
Open game of corruption
The Mumbai Police has also filed an FIR against Variyam Singh, former chairman of PMC Bank and now suspended managing director Joy Thomas. According to the information so far, PMC Bank officials had opened 44 secret accounts on the basis of fake documents to help the distressed real estate company HDIL. The loans given to HDIL were later converted into Non-performing assets (NPAs) and the bank lost thousands of crores of rupees.
These accounts were opened in a confidential manner and were not included in the RBI audit. They were hidden by password. MD Joy Thomas, in a letter to the Reserve Bank, admitted that the bank had hidden information about the stranded debts of the bankrupt real estate company HDIL. He had accepted that the loan given to HDIL could be more than Rs 6,500 crore, which is up to 73 per cent of the bank's total assets of Rs 8,880 crore, which is almost four times the fixed regulatory limit.
A senior police officer said that, "Everything the bank did is deliberate and acted against such rules that benefited the borrower." PMC employees tampered with the software and opened 44 accounts which do not appear in their system. More about SIT
Significantly, debt-ridden real estate company HDIL is now facing insolvency processing under the Insolvency and Bankruptcy Code (IBC). The company is facing a severe cash crunch after several important projects have failed.
Matter
The Reserve Bank of India (RBI) has imposed various restrictions on the Punjab and Maharashtra Cooperative (PMC) Bank. RBI has taken this action under section 35A of the Banking Relocation Act, 1949.
Now no new fixed deposit account will be opened in the bank. Apart from this, the issuance of new loans of the bank has also been banned.
