News

October 07, 2019

Former Chairman Of PMC Bank And HDIL Executive Director Waryam Singh Remanded To Police Custody By Magistrate


[ By Bobby Anthony ]

PMC-Bank

Former chairman of the Punjab & Maharashtra Cooperative (PMC) Bank Ltd, Waryam Singh has been remanded to police custody till October 9, by a Mumbai magistrate.

Waryam Singh, who was nabbed by the Economic Offences Wing (EOW) of the Mumbai Police from his hiding place in Mahim recently, was produced before the Esplanade Magistrate’s Court, Mumbai.

The police told the magistrate that he would be interrogated for his prima facie involvement in the alleged Rs 4,355 crore fraud concerning Housing Development & Infrastructure Ltd (HDIL).

The police informed the court that it wants to confront him with the other accused in the case since he was the PMC Bank Chairman and also the Executive Director of HDIL simultaneously.

However, Waryam Singh's lawyer V Krishna argued that his client had surrendered on his own will and it was being falsely propagated that he was arrested by the police.

Singh’s lawyer added that his client had no role to play in the day-to-day affairs of the PMC Bank which were managed by its arrested former Managing Director Joy Thomas and had merely signed documents.

He argued that Singh had no role in the loans sanctioned and in any case all the documents are in the custody of the EOW of the Mumbai police and the administrator appointed by the RBI.

Waryam Singh is the fourth important arrest in the PMC Bank case after Thomas, who was arrested on Friday. Earlier on Thursday, the police nabbed HDIL Chairman and Managing Director Rakesh Kumar Wadhawan and Sarang Wadhawan, respectively, and their assets worth Rs 3,500 crore were frozen, including official and personal accounts.

The arrests came after the EOW registered a case last Monday against the PMC Bank and the HDIL for causing alleged losses worth Rs 4,355 crore to the bank between 2008 and 2019 in the Bhandup branch.

The Mumbai Police FIR has named Joy Thomas, Waryam Singh, the Wadhwans of HDIL and other officials. A Special Investigation Team (SIT) has been formed to probe the case.

Related Post

latest News

  • Ministry Of Corporate Affairs Mandates National Financial Reporting Authority To Review Standards For Auditors

    The National Financial Reporting Authority (NFRA) has been given a mandate by the Ministry of Corporate Affairs (MCA) to review Auditing and Assurance...

    Read More
  • NCLAT Rules That Disciplinary Proceedings Initiated By Insolvency Regulator IBBI Cannot Be Quashed By NCLT

    Disciplinary proceedings initiated by insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) cannot be quashed by the National Company L...

    Read More
  • Uttar Pradesh Real Estate Regulatory Authority To Auction Unsold Flats Of Defaulting Builders To Pay Back Investors

    The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has decided to auction unsold flats of defaulting builders in order to repay investors se...

    Read More
shares