The depositors of Punjab and Maharashtra Cooperative (PMC) Bank are protesting outside the BJP headquarters located at Nariman Point in Mumbai. A depositor named Krishna said, ‘I don’t know what she is doing. I don’t care what she will do. I want my money back. I will never be able to earn any money that I have deposited in the bank.
Finance Minister Nirmala Sitharaman reached BJP’s office in Nariman Point. On the protest of the depositors of PMC Bank outside the party office, she said that the government has nothing to do with the matter directly. RBI is looking into the entire matter. She Talked with bank account holders & said RBI regulates corporative bank.
The Finance Minister said, ‘The Finance Ministry has nothing to do with this. The RBI directly regulates this. From my side I have asked the secretaries of my ministry to work with the Ministry of Rural Development and the Ministry of Urban Development to find out what is going on. ‘
She said, ‘IBI representatives will also be there to understand the shortcomings, if necessary, then look at the ways in which the relevant Acts will have to be amended. If the amendments help curb corruption, then help us regulate them. Help us improve the regulator.
The Union Minister said, ‘The group which is looking into the matter of PMC Bank will have two secretaries of the Ministry of Finance. A Deputy Governor level officer of RBI will also be present in the meeting. So that we can take necessary legislative steps to prevent such things in future and to better and empower the regulator. This group will work with these objectives.
Detention period of HDIL owners, former chairman extended till 14 October
The court has extended the custody of HDIL owner and former MD, the main accused in the Punjab and Maharashtra Bank scam till October 14. The three were arrested by the Economic Offenses Wing of the Mumbai Police.
Rs 4355 crore scam
The police had registered a case on customer complaint on September 23 after the RBI imposed a limit of Rs 1,000 on transactions from accounts. However, later the RBI first raised the limit to Rs 10,000, then it was increased to Rs 25,000 in six months. In the scam of Rs 4355 crore, former bank MD Joy Thomas, HDIL owner Rakesh Wadhavan and his son Sarang Wadhawan, former chairman Varyam Singh were accused by the police. Wadhawan father-son was arrested by the police last Thursday and Varyam Singh on Saturday.
These three accused were produced in the court of Additional Metropolitan Magistrate SG Sheikh. Police said that they have to be further questioned in relation to this scam. After this, the court has extended the custody of these three till October 14.
Assets worth 3500 crores seized
Police seized assets worth Rs 3,500 crore from Wadhawan and HDIL. Police told the court that PMC Bank had changed 44 loan accounts of HDIL. Apart from this, 21,049 fake accounts have also been revealed.
Expensive cars confiscated, luxurious yacht will also be captured
The Enforcement Directorate (ED) has seized private jets, expensive cars and jewelery worth Rs 60 crore from HDIL promoters Rakesh and Sarang Wadhawan in the Punjab and Maharashtra Cooperative (PMC) scam. The ED had taken action on six locations of promoters of HDIL on Friday. The ED has also discovered a plush yacht, which has been initiated to seize.
Wadhawan father-son was arrested by the Economic Offenses Wing of the Mumbai Police. Both are in police custody till October 9. Wadhawan, who is one of the main accused in the scam, has vast assets. After the Slum Rehabilitation Act was passed in Maharashtra in the mid-1990s, Diwan Housing Finance Limited (DHFL) owner Rakesh Wadhawan took great advantage of the law.
Wadhawan collaborated with Jayendra Bhai Thakur to launch one project after another. He founded HDIL in 1996 and by 2009, with a net worth of $ 1.6 billion, his name was considered among the billionaires of the country. According to the police, PMC bank officials gave loans to HDIL from 2008 to 2019 despite not paying the previous loan.
Bollywood used to attend parties
Sarang Wadhawan was close to many Bollywood celebrities. In 2007, almost the entire Bollywood was present on her daughter’s first birthday. There are many pictures of Sarang Wadhawan, who have fun at these parties, along with cinema personalities.