PMC Banking school accused’s custody extented no bail, only jail say furious depositors


Image Resource : Banking institution accused’s custody extended no bail, only jail say angry depositors Depositors of Punjab and Maharashtra Cooperative (PMC) Banking institution protested outdoors a courtroom on Wednesday, demanding rigid action from the culprits, as police custody of three accused in Rs 4,355 crore scam at the bank was extended till October 14.

The Esplanade magistrate’s court is given the demand in the Mumbai Police’s Financial Offences Wing for further remand. Real estate Development Structure Ltd (HDIL) chairman and managing director Rakesh Wadhawan and his awesome son Sarang have been arrested in the situation last Thursday, whilst former chairman of PMC Banking institution Waryam Singh was kept on Weekend.

The trio was produced before Metropolitan Magistrate S G Shaikh as his or her custody ended on Wednesday. EOW officers mentioned they needed to interrogate the accused further, so the courtroom expanded the remand till October 14.

Exterior, clients of the banking institution, who definitely are dealing with extreme restrictions on withdrawal of money considering that the dire situation in the banking institution came to light, staged a protest, challenging that there must be “only jail without any bail” for the accused. Many of them were carrying placards.

“Arrest Wadhawans but discharge our money, SOS Modiji,” mentioned one placard. “This fraud is upon you Mr Modi”, said another, although a third one stated, “RBI is mainly responsible for this mess, precisely what is our mistake”. The EOW a week ago authorized a case from the Wadhawans and leading officers of PMC Financial institution for allegedly causing a loss for the tune of Rs 4,355.43 crore towards the banking institution. Aside from the trio, EOW also has arrested Delight Thomas, former controlling director from the financial institution, whoever police custody will expire on October 17.

The EOW experienced earlier advised the court that financial institution officers substituted 44 loan accounts of HDIL with 21,049 fictitious loan balances, to camouflage large loan defaults by the real estate group which landed the financial institution in the current situation.

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