PMC Bank money-laundering case: ED raids six Mumbai locations | What we know so far
Jagran News Desk: The Enforcement Directorate (ED) on Friday raided six locations in Mumbai in connection with the Punjab and Maharashtra Cooperative (PMC) Bank money-laundering case.
The probe agency is conducting raids at six different places in Mumbai and adjoining areas linked to the former chairman of the bank and promoters of crisis-hit real estate firm HDIL, news agency PTI quoted the officials as saying.
ED is also taking a hard look at the role of the Housing Development Infrastructure Limited (HDIL) promoters. The probe agency had arrested two of its directors, Rakesh Kumar Wadhawan and his son Sarang Wadhawan, on Thursday. They will be produced in the court on Friday.
The two are named in a police complaint that also accuses the bank's management of concealing non-performing assets and disbursing loans to HDIL leading to a loss of at least Rs 4,300 crore.
Here’s all you need to know:
1. The Enforcement Directorate is conducting raids at six different locations in and neighbouring areas. The raids are being conducted after a criminal complaint was filed under the Prevention of Money Laundering Act.
2. The PMC bank money-laundering case is based on an FIR which was filed by the Economic Offences Wing (EOW) of the Mumbai police.
3. The case is basically against the former promoters and bank management of the Housing Development Infrastructure Limited (HDIL).
4. The police had filed an FIR on the complaints of and RBI-appointed administrator. The FIR is on the charges of forgery, cheating and criminal offences against the officials.
5. The police, in its initial investigations, has said that the bank’s loss since 2008 is Rs 4,355.46 crore.
6. The FIR also names HDIL’s two directors, Rakesh Kumar Wadhawan and his son Sarang Wadhawan. The two were arrested on Thursday and will be produced in the court today.
7. Beside Rakesh and his Sarang, the complaint also named bank's then chairman Waryam Singh and its managing director Joy Thomas.
8. Meanwhile, the Reserve Bank of India (RBI) on Thursday raised withdrawal limit for account holders of the stressed PMC Bank to Rs 25,000 from earlier withdrawal limit of Rs 10,000.
9. The RBI, in its investigation, also revealed that the directors of the PMC bank had replaced 44 suspicion accounts with 20,149 fictitious bank accounts whose individual balances were low.
(With PTI inputs)
Posted By: Aalok Sensharma