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Shiv Sena MP Sanjay Raut.(HT)

PMC Bank scam: Shiv Sena MP Sanjay Raut’s wife joins ED probe

By Vijay Kumar Yadav | Hindustan Times, Mumbai
PUBLISHED ON JAN 04, 2021 04:57 PM IST
ED officials are to question her in connection with “suspicious” transactions that cropped up while the officials were scanning Pravin Raut’s transactions
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Sanjay Raut, while holding a press conference in Mumbai early this week, had denied any wrongdoing on the part of his wife and said they were in correspondence with the ED in connection with the case for about one-and-a-half months.(Getty Images/iStockphoto)
Sanjay Raut, while holding a press conference in Mumbai early this week, had denied any wrongdoing on the part of his wife and said they were in correspondence with the ED in connection with the case for about one-and-a-half months.(Getty Images/iStockphoto)

PMC Bank: ED attaches Rs 72-cr assets of man whose wife transferred funds to Shiv Sena leader Sanjay Raut’s spouse

By Press Trust of India | Posted by Srivatsan K C | New Delhi
PUBLISHED ON JAN 01, 2021 11:09 PM IST
The central probe agency alleged that the man, Pravin Raut, had “siphoned off” Rs 95 crore worth of funds from the scam-hit bank in the garb of loan, out of which he paid Rs 1.6 crore to his wife, Madhuri Raut, who subsequently transferred Rs 55 lakh in two tranches to Varsha Raut, wife of Sanjay Raut, as an “interest-free loan.”
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A banner at the protest site near the RBI headquarters in Fort, Mumbai, on November 26.(HT photo)
A banner at the protest site near the RBI headquarters in Fort, Mumbai, on November 26.(HT photo)

PMC Bank depositors on hunger strike in Mumbai, seek relief from RBI

By Vijay Kumar Yadav | Hindustan Times
UPDATED ON NOV 26, 2020 03:45 PM IST
They say if their grievances are still not redressed, they will be forced to go on an indefinite hunger strike
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The newly-appointed administrator of PMC Bank, A K Dixit, in a letter to the bank’s customers and stakeholders, said all possible options are being explored to find a meaningful resolution of the problems at the lender(File Photop)
The newly-appointed administrator of PMC Bank, A K Dixit, in a letter to the bank’s customers and stakeholders, said all possible options are being explored to find a meaningful resolution of the problems at the lender(File Photop)

Scam-hit PMC Bank invites Expression of Interest from potential investors for reconstruction

By Press Trust of India | Posted by Nilavro Ghosh | Mumbai
PUBLISHED ON NOV 03, 2020 05:03 PM IST
Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
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The ED found that Wadhawans laundered more than Rs 2500 crore out of a total Rs 6600 crore the company - HDIL - had taken from PMC Bank between 2007 and 2013.(Twitter/@dir_ed)
The ED found that Wadhawans laundered more than Rs 2500 crore out of a total Rs 6600 crore the company - HDIL - had taken from PMC Bank between 2007 and 2013.(Twitter/@dir_ed)

PMC bank fraud case: ED attaches three Delhi hotels worth 100 crore

By Neeraj Chauhan | Hindustan Times, New Delhi
UPDATED ON SEP 19, 2020 06:40 AM IST
So far, properties – belonging to HDIL promoters Rakesh and Sarang Wadawan – worth Rs 360 crore have been attached by the agency, officials said.
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A preliminary probe by the Reserve Bank of India (RBI) found that PMC Bank had replaced suspicious 44 loan accounts with 20,149 fictitious bank accounts, whose individual balances were low.(HT file photo)
A preliminary probe by the Reserve Bank of India (RBI) found that PMC Bank had replaced suspicious 44 loan accounts with 20,149 fictitious bank accounts, whose individual balances were low.(HT file photo)

PMC Bank fraud: HC rejects bail plea of bank director Jasvinder Singh Banwait

By Kanchan Chaudhari | Hindustan Times, Mumbai
UPDATED ON MAY 13, 2020 11:16 AM IST
On September 30, 2019, Mumbai Police’s economic offences wing (EOW) had registered an offence in connection with the fraud at the PMC Bank, accusing many of its directors of illegally extending huge loans to realty firm Housing Development and Infrastructure Limited (HDIL) and its group companies.
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The Bombay High Court has asked for auction of the properties of accused and the money to be distributed among account holders of PMC Bank.(Pratik Chorge/HT Photo)
The Bombay High Court has asked for auction of the properties of accused and the money to be distributed among account holders of PMC Bank.(Pratik Chorge/HT Photo)

Supreme Court stays release of PMC Bank accused on Centre’s plea against Bombay HC order

By Murali Krishnan | Hindustan Times, New Delhi
UPDATED ON JAN 16, 2020 12:54 PM IST
The Bombay High Court had asked authorities to shift Rakesh and Sarang Wadhawan from jail to their residences under ‘house arrest’.
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PMC Bank account holders on a protest in Mumbai, on January 5.(Pratik Chorge/HT Photo)
PMC Bank account holders on a protest in Mumbai, on January 5.(Pratik Chorge/HT Photo)

PMC Bank fraud: Retired high court judge to oversee recovery process

By Kanchan Chaudhari | Hindustan Times, Mumbai
UPDATED ON JAN 15, 2020 12:15 PM IST
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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
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The RBI has created a unified department of supervision and a unified department of regulation from November 1 this year.(REUTERS Photo)
The RBI has created a unified department of supervision and a unified department of regulation from November 1 this year.(REUTERS Photo)

RBI plans to set up college of supervisors: Shaktikanta Das

By Press Trust of India | Mumbai
UPDATED ON NOV 18, 2019 09:15 PM IST
The RBI has already created a unified department of supervision and a unified department of regulation from November 1 this year, which will strengthen the oversight of commercial banks, cooperative banks and NBFCs, Shaktikanta Das has said.
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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

By Vijay Kumar Yadav | Hindustan Times, Mumbai
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)’.
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RBI office in New Delhi(REUTERS)
RBI office in New Delhi(REUTERS)

Centre considers raising insurance for deposits, more RBI scrutiny for banks

By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON NOV 11, 2019 09:34 AM IST
The plans come in the wake of the crisis at Mumbai-headquartered Punjab and Maharashtra Cooperative Bank (PMC) where customers have not been able to withdraw more than Rs 50,000 since late September when the central bank found violations of banking rules and under-reporting of bad loans.
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Depositors gather outside "Punjab & Maharashtra Co-operative bank" of Andheri east in Mumbai.(Ragul KrishnanHT photo)
Depositors gather outside "Punjab & Maharashtra Co-operative bank" of Andheri east in Mumbai.(Ragul KrishnanHT photo)

RBI increases PMC Bank withdrawal limit to 50,000

By Revati Krishna | Hindustan Times, Mumbai
UPDATED ON NOV 05, 2019 11:52 PM IST
PMC Bank was put under regulatory restriction on September 23 after authorities discovered that two-thirds of the bank’s loan exposure was to the bankrupt HDIL
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HT Image
HT Image

74-yr-old PMC Bank depositor dies of cardiac arrest

By Revati Krishna, Mumbai
UPDATED ON NOV 05, 2019 08:50 AM IST
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The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.(PTI photo)
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.(PTI photo)

No need to escalate one case to reflect everything to do with IBC,says Nirmala Sitharaman

By Press Trust of India | Washington
PUBLISHED ON OCT 20, 2019 05:24 PM IST
Finance Minister was responding to a question on a particular recent case which many allege reflects some major loopholes in the Insolvency and Bankruptcy Code (IBC).
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This is the fourth incident in which a PMC Bank account holder has passed away since restrictions were imposed in September.(PTI image)
This is the fourth incident in which a PMC Bank account holder has passed away since restrictions were imposed in September.(PTI image)

83-year-old PMC Bank depositor dies; had no funds for heart surgery

By Revathy Krishna | Hindustan Times, Mumbai
UPDATED ON JUL 12, 2020 10:07 PM IST
Mumbai Police’s economic offences wing (EOW) has found evidence of a Rs 4,355-crore fraud at PMC Bank.
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New York: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman (L) speaks on ‘Indian Economy: Challenges and Prospects’ at Columbia University in New York.(PTI Photo)
New York: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman (L) speaks on ‘Indian Economy: Challenges and Prospects’ at Columbia University in New York.(PTI Photo)

News updates from Hindustan Times at 9 PM: Nirmala Sitharaman slams ex-PM Manmohan Singh at Columbia University and all the latest news at this hour

By HT Correspondent | Hindustan times, New Delhi
UPDATED ON OCT 18, 2019 08:54 PM IST
Here are today’s top news, analysis and opinion curated for you at 9 PM. Know all about the latest news and other news updates from Hindustan Times.
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The father-son duo were produced before the court on Friday afternoon after ED obtained their custody from the jail.(Photo: Satyabrata Tripathy/Hindustan Times)
The father-son duo were produced before the court on Friday afternoon after ED obtained their custody from the jail.(Photo: Satyabrata Tripathy/Hindustan Times)

In PMC bank case, HDIL promoters Rakesh, Sarang Wadhwan sent to ED custody till Oct 22

By Charul Shah | Hindustan Times, Mumbai
UPDATED ON OCT 18, 2019 07:33 PM IST
The special PMLA court on Friday remanded Rakesh Kumar Wadhawan and his son Sarang Wadhawan accused in PMC bank fraud case to ED custody till October 22.
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Here are today’s top news, analysis and opinion curated for you.(HT image)
Here are today’s top news, analysis and opinion curated for you.(HT image)

News updates from Hindustan Times: SC refuses to entertain plea by PMC account holders for lifting restrictions on cash withdrawals and all the latest news at this hour

By HT Correspondent | Hindustan Times, new Delhi
UPDATED ON OCT 18, 2019 01:12 PM IST
Here are today’s top news, analysis and opinion curated for you. Know all about the latest news and other news updates from Hindustan Times.
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(REUTERS FILE/ Representative Image)
(REUTERS FILE/ Representative Image)

‘Approach high court’: Supreme Court on PMC Bank account holders’ plea

By HT Correspondent | Hindustan Times, New Delhi
UPDATED ON OCT 18, 2019 12:40 PM IST
Solicitor General Tushar Mehta said the government is aware of the seriousness of the situation and the Enforcement Directorate is taking appropriate action against the culprit.
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Dr Manmohan Singh is in Mumbai to campaign for the Congress in the Maharashtra assembly elections next week.(Pratik Chorge/HT Photo)
Dr Manmohan Singh is in Mumbai to campaign for the Congress in the Maharashtra assembly elections next week.(Pratik Chorge/HT Photo)

On Sitharaman’s barb, Manmohan Singh says ‘no comment’. Then a dart

By HT Correspondent | Hindustan Times, Mumbai
UPDATED ON JUL 12, 2020 06:22 AM IST
Maharashtra Assembly Election 2019: Dr Manmohan Singh also delivered a sharp comeback to finance minister Nirmala Sitharaman who earlier this week said that state-run banks in India had their “worst phase” when Dr Singh was prime minister and Raghuram Rajan, the RBI Governor.
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PMC bank depositors protest outside Killa Court, in Mumbai, Wednesday, Oct. 9, 2019.(PTI)
PMC bank depositors protest outside Killa Court, in Mumbai, Wednesday, Oct. 9, 2019.(PTI)

PMC Bank’s former director Surjit Singh Arora fifth to be arrested in fraud

By HT Correspondent | Hindustan Times, Mumbai, Mumbai
UPDATED ON OCT 17, 2019 08:55 AM IST
Senior EOW officials said Arora, 65, had been named by former managing director of PMC Bank, Joy Thomas.
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The Supreme Court will hear on Friday a petition seeking 100% insurance coverage of deposits made by customers of cooperative banks.(Sonu Mehta/HT PHOTO)
The Supreme Court will hear on Friday a petition seeking 100% insurance coverage of deposits made by customers of cooperative banks.(Sonu Mehta/HT PHOTO)

SC to hear plea on insurance for co-op bank customers after PMC bank fraud

By HT Correspondent | Hindustan Times, New Delhi
UPDATED ON OCT 17, 2019 02:53 AM IST
The plea by petitioner Bijon Kumar Mishra was mentioned before a bench led by justice NV Ramana for urgent hearing, a plea that was accepted.
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Depositors of the Punjab and Maharashtra Co-operative Bank (PMC) display placards during a protest over the Reserve Bank of India (RBI)'s curb on the bank, outside Esplanade court in Mumbai on Wednesday.(PTI Photo)
Depositors of the Punjab and Maharashtra Co-operative Bank (PMC) display placards during a protest over the Reserve Bank of India (RBI)'s curb on the bank, outside Esplanade court in Mumbai on Wednesday.(PTI Photo)

PMC Bank customers demand Rs 5000 crore bailout package from PM Narendra Modi

By Revati Krishna | Hindustan Times, Mumbai
UPDATED ON OCT 16, 2019 07:23 PM IST
The Supreme Court on Wednesday agreed to an urgent hearing on a plea seeking directions for interim protective measures for insuring PMC depositors.
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A man walks out from a PMC (Punjab and Maharashtra Co-operative) Bank branch in Mumbai, India, September 26, 2019. Image for representation(Reuters file photo)
A man walks out from a PMC (Punjab and Maharashtra Co-operative) Bank branch in Mumbai, India, September 26, 2019. Image for representation(Reuters file photo)

Depositor of scam-hit PMC Bank ends life, another dies of heart attack

By Press Trust of India | Mumbai
UPDATED ON OCT 16, 2019 07:17 AM IST
The bank has been put under restrictions by the RBI following the discovery of a Rs 4,355 crore scam. Deposit withdrawals have been capped at Rs 40,000 over a six-month period, causing panic and distress among depositors.
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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

By Vijay Kumar Yadav | Hindustan Times, Mumbai, 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.
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Finance Minister Nirmala Sitharaman addresses the media following a meeting with CMDs of Public Sector Banks in New Delhi, Monday, Oct. 14, 2019.(PTI)
Finance Minister Nirmala Sitharaman addresses the media following a meeting with CMDs of Public Sector Banks in New Delhi, Monday, Oct. 14, 2019.(PTI)

After FM’s call, withdrawal limit for PMC Bank customers raised to Rs 40,000

By HT Correspondent | Hindustan Times, New Delhi
UPDATED ON OCT 14, 2019 09:08 PM IST
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Joy Thomas is one of the four people arrested in the Rs 4,355 crore Punjab and Maharashtra Co-operative (PMC) bank fraud case.(Kunal Patil/ HT Photo)
Joy Thomas is one of the four people arrested in the Rs 4,355 crore Punjab and Maharashtra Co-operative (PMC) bank fraud case.(Kunal Patil/ HT Photo)

PMC bank’s Joy Thomas is also Junaid Khan, owner of 10 Pune properties: Cop

By HT Correspondent | Hindustan Times, Mumbai
UPDATED ON OCT 14, 2019 04:24 PM IST
Joy Thomas had acquired these properties after he changed his name to Junaid Khan, the alias that he had acquired to marry his one-time personal assistant, said a senior police officer
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Union finance minister Nirmala Sitharaman said that legislative steps would be discussed to prevent such incidents from happening and empower the regulator better.(HT photo)
Union finance minister Nirmala Sitharaman said that legislative steps would be discussed to prevent such incidents from happening and empower the regulator better.(HT photo)

‘We understand justified worries...’: FM speaks to RBI gov on PMC bank

By Press Trust of India | New Delhi
UPDATED ON OCT 12, 2019 08:04 PM IST
The bank was put under “directions” by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
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The central bank has already migrated all the past information of these lenders to CISBI.(PTI Photo)
The central bank has already migrated all the past information of these lenders to CISBI.(PTI Photo)

RBI fixes cooperative banks’ daily reporting system post PMC collapse

By Indo Asian News Service | Mumbai
UPDATED ON OCT 12, 2019 11:36 AM IST
In a circular addressed to chief executives of all cooperative banks, the RBI has asked them to replace the existing system of email-based reporting at the branches to a web-based central system.
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