PMC Bank News
ED initiated an investigation under PMLA on the basis of FIR dated 30.09.2019 registered by Economic Offences Wing, Mumbai Police. The developer has given an undertaking to ensure not to sell/transfer/alienate or create any third party rights thereon on completion of the project. There was misconduct on the part of PMC officials as they ignored all the prevailing procedures to facilitate promoters of HDIL by extending unusual credit facility.
PMC bank officials allegedly gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans. Out of the 44 bank accounts responsible for not paying back the huge loans taken from PMC Bank, 10 belonged to HDIL and the Wadhawans. Out of the 10 bank accounts, Sarang and Rakesh had one personal account each.
In September, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The RBI had asked the bank not to grant or renew any loans and advances, make any investment or incur any liability, including borrower of funds and acceptance of fresh deposits.
A former director of PMC Bank was arrested by the Economic Offence Wing (EOW) of the Mumbai Police here on Saturday. The arrested director, identified as Rajneet Singh, is the son of former BJP MLA Tara Singh. Earlier on November 11, the EOW had arrested two auditors in connection with the multi-crore Punjab and Maharashtra Co-operative (PMC) Bank scam.
Sixty-eight -year-old Keshmul Hinduja was admitted to hospital after he complained of chest pain on October 29. He died of a heart attack the next day, his daughter said. She also claimed that Hinduja did not have any ailment and used to run a grocery shop in Mumbai's Mulund area. However, after the PMC Bank scam came into light, he was under stress.