The multi-crore scam of Rs.4,335.46 crore at the Punjab and Maharashtra Co-operative (PMC) Bank proceeds to toss-up dinky turns. The case was enrolled on the complaint of Joy Thomas, Former Managing Director of PMC Bank, & other officials of PMC bank, Waryam Singh, Former Chairman of PMC Bank along with Former Senior Executives, Sarang Wadhwan, Rakesh Wadhwan & other executives of Housing Development and Infrastructure Limited (HDIL) and its group companies and other obscure people for causing tremendous misfortune of Rs.4,335.46 crore to PMC Bank by committing different criminal acts. The Economic Offences Wing (EOW) of the Mumbai Police has recognized Waryam Singh as the key person in keeping the extortion beneath the cover. Police moreover arrested Surjit Singh Arora, a Former Director of PMC who was a part of the loan committee.

Money Laundering: Misusing of Funds

PMC purportedly made more than 21,000 invented accounts to cover up credits it made to HDIL. Last month, the Reserve Bank of India (RBI) took control of the working of PMC and started a forensic review. It has too capped withdrawals by investors, starting dissents.

Amid the course of examinations, activities were carried out in 10 premises wherein a few implicating reports, property records and mobile properties have been found. Investigation of the implicating reports has uncovered occurrences of siphoning of the stores and their abuse. For case, a sum of Rs 98 crores of advance from PMC Bank was occupied to M Estate Developers, a proprietorship concern of business associate of Rakesh Kumar Wadhawan.

Assets Frozen

Movable and undaunted resources have been seized and solidified which includes Rolls Royce, Bentley and Range Rover, Jewellery approximately worth Rs 66 crores, Audi, Fortuner, Innova and Scorpio, 3 Buggies, 2 Quadros, a Speed Vessel seized from the Farm House at Awas, Alibaug, Fixed Deposits Rs 1.5 crore (approx.) have been charge solidified, Airplane Bombardier Challenger 300 VT and Falcon 2000 VT HDL possessed by Privilege Airways Private Limited has been recognized, 88-foot-long Yacht Ferretti 881 HT, FDs and bank equalizations totalling Rs 9.93 Crore.

Immovable assets like land value between Rs 1.5 crores to Rs 5 crores per acre of land where the display esteem of the said value can be more than Rs 3000 crores, Three flats in Pali Hill, Khar (West), Mumbai having esteem of Rs 8.2 crores, 160 acres of land obtained in area Sindhurdurg (Maharashtra), 72 sections of land at Kukatpally esteemed at Rs 70 crores approx., 80 sections of land at Greater Noida, Yamuna Expressway together held esteemed at Rs 110 crores, One bungalow in Mumbai around Rs 110 crores, Extravagant farmhouse of 2.5 acres of land worth Rs 80 crores roughly, Extravagant farmhouse in 5 acres of land worth Rs 60-70 crores around, Two abroad properties within the title of Wadhawans in UAE and the UK have been found.

The full esteem of movable and undaunted resources solidified is distinguished by Enforcement Directorate being continues of wrongdoing is more than Rs.3830 Crore which does not include the esteem of 80 unrestricted properties around Mumbai.

Rs 10.5 crore cash to HDIL: No bank records

In the modern improvement, the PMC Bank’s internal examination group set up on the orders of an RBI-appointed director has found Rs 10.5 crore cash lost from the bank’s records. PMC bank authorities have supposedly given advances to the bankrupt Housing Development and Infrastructure Ltd (HDIL) and its auxiliaries in a false way, disregarding the company’s critical financials.

Thomas, who prior confessed that the bank had been related to debt-laden HDIL since 1989, has been sent to legal custody till October 22. He is charged with distorting the bank’s advance books and not uncovering HDIL’s awful advances. Together with the advance committee individuals, he had authorized credits to HDIL and its Directors Rakesh and Sarang Wadhawan. Further examinations are in advance to recognize and find the proceedings of the fraud loans.