Mumbai: Punjab and Maharashtra Cooperative (PMC) Bank Ltd. Chairman S.K. Varyam Singh has been caught by the Economic Offenses Wing of Mumbai. Police gave this information on Saturday. Varyam Singh (68) was missing since the irregularity was revealed at PMC Bank two weeks ago. The Mumbai police nabbed him from Mahim area. The spokesman of Mumbai Police gave this information. Police said that from him Housing Development and Infrastructure Ltd. (HDIL) will be questioned in fraud of Rs 4,335 crore. On Saturday afternoon, Varyam Singh wrote to the Economic Offenses Wing in which he said that he would surrender to the EOW in the evening. But he was arrested from his hideout.
PMC Bank MD arrested in Mumbai
Earlier, on October 4, the missing managing director of Punjab and Maharashtra Cooperative Bank, Joy Thomas, was arrested here in a Rs 4,335 crore fraud case. Mumbai Police spokesman DCP Prannoy Ashok said, "Yes, we have arrested the officer in the PMC Bank case registered by the Economic Offenses Wing". The arrest of Thomas, who has been missing for the last four days, comes at a time when Rakesh Kumar Wadhawan, chairman of reality company HDIL, and management director Sarang Wadhawan were arrested by the same department on Thursday and seized assets worth Rs 3,500 crore. was.
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ED sources said that a case was registered following a complaint from the manager (recovery department) of PMC Bank. The complaint alleged that more than 21,000 fake accounts were created to suppress the distressed debt accounts of ADIL. Thomas, Singh, Wadhawan and other officers are named in the Mumbai Police's FIR and a special investigation team has been formed to investigate the case.
Wadhawan has already been arrested
Earlier on October 3, Sarang Wadhawan and Rakesh Wadhawan were arrested. Of the 44 big accounts that plunge PMC Bank into debt, 10 accounts are linked to HDIL and Wadhawan. One of those 10 accounts is Sarang Wadhawan and the other is personal account of Rakesh Wadhawan. On Thursday, these two were called for questioning, this arrest was made for not cooperating in the investigation.
Sources say that the Hardship Committee of the bank can give more money to the customer with the approval of RBI. Recently, after the fraud of PMC Bank came to light, the amount withdrawn from the account was fixed at Rs 10,000 by RBI. After this step of RBI, thousands of customers of the bank were very upset.