Sharad Pawar meets Anurag Singh Thakur to discuss revival of scam-hit PMC Bank

By: |
Mumbai | Published: January 13, 2020 1:25:36 PM

The PMC Bank has been put under restrictions by the RBI, after a multi-crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors.

Sharad Pawar, NCP, Anurag Singh Thakur, pmc bank scam, pmc bank fraud,Mumbai Police’s Economic Offences Wing (EOW) and the Enforcement Directorate have registered offences in the case.

NCP chief Sharad Pawar on Monday met Union Minister of State for Finance Anurag Singh Thakur to discuss possibilities of revival of the troubled Punjab & Maharashtra Cooperative (PMC) Bank. After the meeting in Delhi, the Rajya Sabha member termed the discussion as “constructive”.

The PMC Bank has been put under restrictions by the RBI, after a multi-crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors.

The withdrawal limit was increased gradually to Rs 50,000. “Had a meeting with the Union Minister of State for Finance, Shri Anurag Singh Thakur (@ianuragthakur) in New Delhi to raise the issue of revival of PMC Bank. We had a constructive exchange of views on the topic,” Pawar tweeted.

The fraud at PMC Bank came to light in September last year after the Reserve Bank of India discovered that the bank had allegedly created fictitious accounts to hide over Rs 6,700 crore in loans extended to the almost-bankrupt Housing Development and Infrastructure Limited (HDIL).

According to RBI, the PMC bank masked 44 problematic loan accounts, including HDIL loan accounts, by tampering with its core banking system, and the accounts were accessible only to limited staff members.

Mumbai Police’s Economic Offences Wing (EOW) and the Enforcement Directorate have registered offences in the case. The EOW last month submitted a 32,000-page charge sheet against five persons in the multi-crore PMC Bank scam.

The charge sheet has named former managing director of the bank Joy Thomas, former chairman Waryam Singh, former director of the bank Surjit Singh Arora, along with HDIL promoters Rakesh Wadhawan and Sarang Wadhawan.

The charge sheet includes the forensic audit report of PMC bank and documents of properties purchased by the accused bank officials with kickbacks received by them for giving undue favour to HDIL and the Wadhawans.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India expels two Pakistan High Commission officials on charges of espionage, orders them to leave within 24 hrs
2Unlock 1.0: Maharashtra, Tamil Nadu to continue curbs on inter-state travel; Karnataka, Rajasthan, UP lift ban
3FIR against Rabri Devi, Tejashwi for Covid lockdown violation