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The restrictions, including cap on withdrawal of money from customers’ accounts, were set to expire on March 31, 2021.(Photo: Reuters)

RBI extends curbs on PMC till June end

By Gopika Gopakumar, Mumbai
PUBLISHED ON MAR 27, 2021 01:13 AM IST
The RBI had imposed restrictions on the multi-state cooperative bank in September 2019 after detecting financial irregularities. The RBI curbed all activities of PMC Bank, and appointed an administrator for the next six months.
Wadhawan was lodged in Arthur Road Jail after he was arrested in October 2019 along with his father and others in connection with the Rs 6,337-crore fraud at the PMC Bank.(Representational Image)
Wadhawan was lodged in Arthur Road Jail after he was arrested in October 2019 along with his father and others in connection with the Rs 6,337-crore fraud at the PMC Bank.(Representational Image)

EOW arrests HDIL promoter Sarang Wadhwan in Rs 1,034-crore scam

Hindustan Times, Mumbai | By Vijay Kumar Yadav
PUBLISHED ON SEP 15, 2020 08:19 AM IST
EOW suspects that MHADA officials, who had held key posts in 2011, were hand-in-glove with the accused and their role will also be probed
File photo: Rakesh Wadhawan.(Aniruddha Chowdhury/Mint)
File photo: Rakesh Wadhawan.(Aniruddha Chowdhury/Mint)

HC asks jail authorities to provide HDIL promoter Rakesh Wadhawan with his medical record

Hindustan Times, Mumbai | By Kanchan Chaudhari | Edited by Sparshita Saxena
UPDATED ON AUG 08, 2020 03:01 PM IST
The directive came on a petition filed by the HDIL promoter seeking a direction to the jail authorities to forthwith shift him either to Nanavati, Lilawati or Criticare Hospital in Mumbai for necessary treatment.
PMC Bank account holders protest in Mumbai. EOW has filed a supplementary charge sheet in the case throwing more light on the role of Bank’s auditors, board of directors and HDIL promoters.(Pratik Chorge/HT Photo)
PMC Bank account holders protest in Mumbai. EOW has filed a supplementary charge sheet in the case throwing more light on the role of Bank’s auditors, board of directors and HDIL promoters.(Pratik Chorge/HT Photo)

PMC Bank fraud supplementary charge sheet claims ‘deep-rooted conspiracy’

Hindustan Times, Mumbai | By Jayprakash S Naidu
UPDATED ON FEB 14, 2020 04:58 PM IST
The charge sheet says the loan facilities extended to the HDIL group of companies was “frequently discussed” and sanctioned with the “majority of votes” in board meetings and that the directors “did not care to look into the loan facilities”.
The charge sheet also mentions the “ever-greening” of loans, which is a term for banks propping up ailing companies with fresh loans even as these firms struggle to repay old debts(HT PHOTO)
The charge sheet also mentions the “ever-greening” of loans, which is a term for banks propping up ailing companies with fresh loans even as these firms struggle to repay old debts(HT PHOTO)

‘PMC Bank fraud worth Rs 6.6K-crore’: ED in 7,000-page charge sheet

Hindustan Times, Mumbai | By Pratik Salunke
UPDATED ON DEC 17, 2019 04:07 AM IST
ED has pegged the scam at Rs 6,670 crore and named Housing Development Infrastructure Limited’s (HDIL) promoter Rakesh Kumar Wadhawan, his son Sarang, PMC Bank’s former managing director Joy Thomas and ex-chairperson Waryam Singh in the charge sheet.
HT Image
HT Image

PMC Bank fraud: ‘HDIL gave 70 cr to bank directors’ family’

By Jayprakash S Naidu, Mumbai
UPDATED ON DEC 04, 2019 12:52 AM IST
An annual inspection of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank has revealed that some bank officials had tampered with the lender’s core banking system to hide fraudulent loan accounts of real estate developer Housing Development and Infrastructure Limited (HDIL), the Reserve Bank of India (RBI) told the Bombay high court.(Reuters image)
An annual inspection of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank has revealed that some bank officials had tampered with the lender’s core banking system to hide fraudulent loan accounts of real estate developer Housing Development and Infrastructure Limited (HDIL), the Reserve Bank of India (RBI) told the Bombay high court.(Reuters image)

‘PMC officials hid fraud loans’: RBI to Bombay HC

Hindustan Times, Mumbai | By Kanchan Chaudhari, Mumbai
UPDATED ON NOV 20, 2019 05:26 AM IST
The banking regulator said access codes were given to “problematic accounts” to ensure “restricted visibility”, and these accounts could be accessed only by 25 of the bank’s 800 employees.
A file photo of Bombay high court.(HT Photo)
A file photo of Bombay high court.(HT Photo)

PMC officials tried to shield HDIL, Bombay HC told

Hindustan Times, Mumbai | By Kanchan Chaudhari, Mumbai
UPDATED ON NOV 20, 2019 02:28 AM IST
The banking regulator said access codes were given to “problematic accounts” to ensure “restricted visibility”, and these accounts could be accessed only by 25 of the bank’s 800 employees.
The Wadhawans along with former PMC Bank MD Joy Thomas, former PMC Bank chairman Waryam Singh, former PMC Bank director Surjit Singh Arora and three auditors have been arrested in the PMC fraud case so far.(HT PHOTO)
The Wadhawans along with former PMC Bank MD Joy Thomas, former PMC Bank chairman Waryam Singh, former PMC Bank director Surjit Singh Arora and three auditors have been arrested in the PMC fraud case so far.(HT PHOTO)

PMC Bank fraud: Son of former MLA held in Mumbai; ninth arrest in case

Hindustan Times, Mumbai | By Vijay Kumar Yadav
UPDATED ON NOV 17, 2019 05:49 AM IST
Rajneet Singh, who was arrested from his Bhandup home, was in the recovery committee of PMC Bank, and multiple EOW officers, who did not wish to be named, said he was aware of the ‘bad status of all loan accounts of Housing Development and Infrastructure Limited (HDIL)’.
Account-holders in the Punjab and Maharashtra Co-operative Bank (PMC) protest in Mumbai over the Reserve Bank of India (RBI)'s curb on the bank.(PTI file photo)
Account-holders in the Punjab and Maharashtra Co-operative Bank (PMC) protest in Mumbai over the Reserve Bank of India (RBI)'s curb on the bank.(PTI file photo)

RBI starts valuation of HDIL properties; relief likely for PMC Bank depositors

Hindustan Times, Mumbai | By Vijay Kumar Yadav
UPDATED ON NOV 01, 2019 05:18 PM IST
The Reserve Bank of India (RBI) appointed experts have started valuating the Housing development infrastructure Limited (HDIL) properties, so that they can be auctioned. Once the properties are auctioned the money will be infused in the bank to pay the depositors.
CISF personnel deployed outside the CBI Headquarters in New Delhi.(Photo: PTI)
CISF personnel deployed outside the CBI Headquarters in New Delhi.(Photo: PTI)

CBI, ED action may now follow I-T default probes

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON OCT 22, 2019 04:41 AM IST
The officials said that the two agencies and the tax department have been successfully able to detect and act swiftly against crimes of financial nature in recent months because of the help they get from data analytics and mutual cooperation and coordination.
People wait outside a Punjab and Maharashtra Co-operative Bank branch to withdraw their money in Mumbai, September 25(REUTERS)
People wait outside a Punjab and Maharashtra Co-operative Bank branch to withdraw their money in Mumbai, September 25(REUTERS)

The PMC Bank fraud exposes the limits of capitalism, writes Barkha Dutt

UPDATED ON OCT 19, 2019 06:57 AM IST
What makes this especially outrageous is that this could have been caught much earlier
Former managing director of Punjab and Maharashtra (PMC) Bank Joy Thomas was sent to jail on Thursday.(HT Photo)
Former managing director of Punjab and Maharashtra (PMC) Bank Joy Thomas was sent to jail on Thursday.(HT Photo)

300 HDIL-linked accounts frozen in PMC Bank case, ex-director in judicial custody

Hindustan Times, Mumbai | By Vijay Kumar Yadav, Mumbai
UPDATED ON OCT 18, 2019 07:02 AM IST
The court also granted Mumbai Police’s economic offences wing (EOW) custody of former director of PMC Bank, Surjit Singh Arora.
HDIL promoters requests concerned agencies to start the process of repaying loans to PMC Bank.(Photo: Reuters)
HDIL promoters requests concerned agencies to start the process of repaying loans to PMC Bank.(Photo: Reuters)

Sell assets attached to payback PMC Loan: HDIL writes ED, EOW

Hindustan Times, Mumbai | By Vijay Kumar Yadav
PUBLISHED ON OCT 17, 2019 07:17 PM IST
According to HDIL, agencies have securitised enough assets to the PMC banks as compared to the loan taken. They have securitised 40 assets with clear title with the bank.
The Enforcement Directorate (ED) has asked Nationalist Congress Party (NCP) leader Praful Patel to appear before it on Friday in connection with a money laundering investigation related to the assets of the late Iqbal Mirchi.(ANI Photo)
The Enforcement Directorate (ED) has asked Nationalist Congress Party (NCP) leader Praful Patel to appear before it on Friday in connection with a money laundering investigation related to the assets of the late Iqbal Mirchi.(ANI Photo)

Praful Patel in ED dock, denies deal with gangster’s wife

Hindustan Times, New Delhi/Mumbai | By HT Correspondents
UPDATED ON OCT 16, 2019 02:17 AM IST
Praful Patel clarified in a press conference in Mumbai that there was no financial transaction or partnership between Mirchi’s wife Hajra Memon and his family, as claimed by the agency.
Former chairman of PMC Bank, Waryam Singh is among the four main accused in the alleged PMC Bank fraud and was arrested on October 5, 2019.(Kunal Patil/HT Photo)
Former chairman of PMC Bank, Waryam Singh is among the four main accused in the alleged PMC Bank fraud and was arrested on October 5, 2019.(Kunal Patil/HT Photo)

Ex-PMC Bank chairman bought Rs 400-crore biz hotel in Amritsar

Hindustan Times, Mumbai | By Vijay Kumar Yadav, Mumbai
UPDATED ON OCT 15, 2019 08:22 AM IST
An investigation by Mumbai Police’s Economic Offences Wing also revealed that the former chairman of the PMC Bank, Waryam Singh, has properties in Haryana, Himachal too.
HDIL’s Rakesh Wadhwan(C) and Sarang Wadhawan(R) and PMC Banks’ Waryam Singh have been arrested in connection with the Rs 4,355 crore PMC Bank fraud case.(Hindustan Times)
HDIL’s Rakesh Wadhwan(C) and Sarang Wadhawan(R) and PMC Banks’ Waryam Singh have been arrested in connection with the Rs 4,355 crore PMC Bank fraud case.(Hindustan Times)

PMC Bank fraud case: Wadhwans, Singh’s police custody extended for 2 days

Hindustan Times, Mumbai | By Vijay Kumar Yadav
UPDATED ON OCT 14, 2019 05:26 PM IST
The order by the 47th magistrate court came after Mumbai Police’s Economic Offences Wing (EOW) informed the court that new details have emerged during the investigations.
While 18 out of the 46 floors have been completed in Phase-1 consisting of four wings, no work has been done in Phase-2 which also has three wings.(Pramod Thakur/ HT File Photo/ Representative Image)
While 18 out of the 46 floors have been completed in Phase-1 consisting of four wings, no work has been done in Phase-2 which also has three wings.(Pramod Thakur/ HT File Photo/ Representative Image)

No flat, no vote, say HDIL homebuyers of Mumbai’s project stuck for 9 years

Hindustan Times, Mumbai | By Tanushree Venkatraman
UPDATED ON OCT 11, 2019 11:40 AM IST
The Whispering Towers project, which has 2BHK and 3BHK apartments in the range of Rs 1 to Rs 3 crore, was launched in 2010 and most of the buyers have already invested 70% of the flat’s cost.
On the Bombay Stock Exchange, the stock of the company fell 4.73 per cent to its lower circuit limit of Rs 3.02, which was also its 52-week low.(Reuters Photo (Representative Image))
On the Bombay Stock Exchange, the stock of the company fell 4.73 per cent to its lower circuit limit of Rs 3.02, which was also its 52-week low.(Reuters Photo (Representative Image))

Shares of HDIL hit 52-week low, fall 4.73 per cent

New Delhi | By Press Trust of India
PUBLISHED ON OCT 09, 2019 12:32 PM IST
The fall comes amid the inquiry in PMC bank scam wherein the auditors of HDIL may be investigated.
HDIL’s 22-room farmhouse in Awas village, Alibaugh tehsil.(HT Photo)
HDIL’s 22-room farmhouse in Awas village, Alibaugh tehsil.(HT Photo)

22-room farmhouse, jet among HDIL assets seized in fresh raids

Hindustan Times, Mumbai | By Pratik Salunke
UPDATED ON OCT 08, 2019 06:42 AM IST
The farmhouse, across two and half acres, is on the beachfront in the pristine village of Awas in Alibag tehsil, not far from the bungalow owned by fugitive businessman Mehul Choksi, which has already been attached by ED.
The Enforcement Directorate (ED) has registered a money laundering case in Punjab and Maharashtra Cooperative (PMC) Bank scam naming the promoters of HDIL (Housing Develoment Infrastructure Ltd).(Satish Bate/HT Photo)
The Enforcement Directorate (ED) has registered a money laundering case in Punjab and Maharashtra Cooperative (PMC) Bank scam naming the promoters of HDIL (Housing Develoment Infrastructure Ltd).(Satish Bate/HT Photo)

Enforcement Directorate files money laundering case in PMC Bank scam, raids six locations

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON OCT 04, 2019 10:57 AM IST
The Enforcement Directorate (ED) on Friday registered a money laundering case in Punjab and Maharashtra Cooperative (PMC) Bank scam naming the promoters of HDIL (Housing Development Infrastructure ltd).
HDIL’s directors Rakesh and Sarang Wadhawan have been arrested in the PMC bank scam case(HT Photo/File)
HDIL’s directors Rakesh and Sarang Wadhawan have been arrested in the PMC bank scam case(HT Photo/File)

PMC Bank loan default case: HDIL’s Wadhawans arrested, 44 masked bank accounts found

Hindustan Times, Mumbai | By HT Correspondent
UPDATED ON OCT 03, 2019 06:45 PM IST
The Mumbai Police had filed a case against the bank officials and HDIL promoters in the Punjab and Maharashtra Cooperative (PMC) Bank case on Monday.
Thomas said he stopped reporting to the RBI on the bank’s large exposures from 2008 “because of reputational risk.(Anshuman Poyrekar/Hindustan Times)
Thomas said he stopped reporting to the RBI on the bank’s large exposures from 2008 “because of reputational risk.(Anshuman Poyrekar/Hindustan Times)

‘Dummy accounts’: Former PMC banker discloses how he hid bad loans from RBI

Bloomberg | By Suvashree Ghosh
UPDATED ON OCT 01, 2019 09:24 PM IST
PMC is one of some 97,000 cooperative lenders in India, which hold a combined $130 billion of deposits according to CLSA Ltd. -- nearly a tenth of the wider industry’s total.
PMC Managing Director Joy Thomas said there is no need for customers to panic . .(HT Photo)
PMC Managing Director Joy Thomas said there is no need for customers to panic . .(HT Photo)

PMC has enough liquidity, depositors’ money fully safe, claims suspended MD

Mumbai | By Press Trust of India
UPDATED ON SEP 27, 2019 06:56 AM IST
The Reserve Bank of India (RBI) increased the withdrawal limit for PMB bank customers to Rs 10,000 on Thursday from the earlier Rs 1,000
The developer delayed giving possession of the apartment by almost six years(HT Photo)
The developer delayed giving possession of the apartment by almost six years(HT Photo)

Pay 80L for 6-year delay in flat delivery, developer told

Hindustan Times | By HT Correspondent, Mumbai
UPDATED ON JUL 10, 2019 12:01 AM IST
The developer responded to the consumer complaint contending that the construction activity in Mumbai had been stopped for over a year post-October 2010
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