Mumbai: The Mumbai Police on Monday filed an FIR (FIR) against the former Punjab and Maharashtra Co-operative Bank (PMC) bank's former management and promoters of HDIL. The case will be investigated by a Special Investigation Team (SIT).
The Economic Offenses Wing (EOW) of the city police has filed a case of forgery, fraud and criminal conspiracy against the officers based on the complaint of the Reserve Bank-appointed administrator.
Police said that preliminary investigation shows that since 2008 the bank's losses have been Rs 4,355.46 crore. HDIL director Wadhawan is named in the FIR, along with former bank chairman Varyam Singh, managing director Joy Thomas and other senior officials. Wadhawan's full name was not immediately known.
Regarding the way the case worked, the FIR stated that the promoters of HDIL, along with the bank's management, took loans from the Bhandup branch. According to an official police document, the bank officials did not classify HDIL's loans as non-performing assets (NPAs) even after the loan was not repaid and hid this information from the Reserve Bank officials.
These people also created fake accounts of companies who took a small amount of loan. A fake bank report was also created to avoid regulatory monitoring. A case under Section 409 (criminal breach of trust by a Government servant or banker), 420 (cheating, 465, 466 and 471 (related to forgery), 120 B (criminal conspiracy)) was registered against these people. is.
