EOW charges PMC of wrongly classifying HDIL promoters' account
The Economic Offences Wing of the Mumbai Police filed an over 32,000-page chargesheet in connection with the multi-crore scam at Punjab & Maharashtra Cooperative Bank on Friday, charging HDIL promoters Rakesh and Sarang Wadhawan as well as former bank chairman Waryam Singh, managing director Joy Thomas and director SS Arora. The EOW charged the former management of PMC Bank with failing to report an account of Rakesh Wadhawan with an outstanding amount of Rs 1,671.88 crore as the top borrower from the HDIL Group and filing false statements with the Reserve Bank of India to avoid regulatory scrutiny. Of 43 accounts with an outstanding amount of Rs 5,027.33 crore in FY18, only 21 loan accounts of the HDIL Group with dues of Rs 333.14 crore were reported to the RBI, according to the chargesheet.
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