PMC Bank created over 21,000 fake accounts to hide defaults

Punjab and Maharashtra Cooperative (PMC) Bank replaced 44 loan accounts of the HDIL group with over 21,000 fictitious loan accounts, and thus "camouflaged" defaults by the group, the police told a court here on Friday. The Economic Offences Wings of city police disclosed the information while seeking custody of chairman and managing director of Housing Development and Infrastructure Ltd (HDIL) Rakesh Wadhawan and his son Sarang, arrested the day before. The court remanded them in police (EOW) custody till October 9.