The ongoing probe in Rs 4,500 crore Punjab and Maharashtra Cooperative Bank scam has revealed many shocking details on Monday. The documents assessed by Zee Media show that the PMC Bank officials have violated rules blatantly to build private properties using the money deposited by customers of the bank.
Former chairman of PMC Bank Wariyam Singh, who is currently in police custody, has bought a plot of land worth Rs 2,500 in Mumbai's posh Juhu area using depositor's money. It is learnt that the DCP of Economic Offence Wing of Mumbai Police has gone to see this plot of land during the investigation.
The probe has also revealed that a person named Manmohan Ahuja was the frontman of Singh in North India. Ahuja, who is currently on the run, is accused of using the money diverted from PMC Bank to buy a five-star hotel named Hotel Lemon Tree in Amritsar. Ahuja has also bought several properties for Singh in Punjab, Haryana and Himachal Pradesh. Police is set to visit all these states to gather more information about these properties which are reportedly owned by former PMC Bank chief.
The probe has also revealed that the PMC Bank chairman has also failed to submit correct details of loan accounts to Reserve Bank of India. Singh also deliberately gave wrong information to Registrar of Companies and did not provide information about the loan accounts of HDIL.
It is to be noted that the police have arrested HDIL's promoter Rakesh Wadhawan, his son Sarang Wadhawan, former Managing Director of PMC Bank Joy Thomas and Singh in connection with this scam.
In a related development, the RBI on Monday increased the withdrawal limit for depositors of PMC Bank to Rs 40,000. The RBI said in a press release that it has decided to hike the withdrawal limit from Rs 25,000 to Rs 40,000 after reviewing the bank’s liquidity position and its ability to pay its depositors. On October 3, the RBI had permitted the PMC Bank depositors to withdraw up to Rs 25,000 of the total balance in their accounts.