PMC Bank scam: Police custody of former chairman Waryam Singh, Wadhawans of HDIL extended till 14 October

Mumbai: A court here on Wednesday extended till 14 October the police custody of a former chairman of the Punjab and Maharashtra Cooperative (PMC) Bank and two directors of HDIL, arrested in connection with the alleged Rs 4,355 crore scam at the bank. Housing Development Infrastructure Ltd (HDIL) chairman and managing director Rakesh Wadhawan and his son Sarang were arrested on last Thursday, while former chairman of PMC Bank Waryam Singh was held on Saturday. The Economic Offences Wing (EOW) of the Mumbai Police, which had arrested the trio, produced them before Additional Chief Metropolitan Magistrate S G Shaikh as their custody ended on Wednesday. [caption id=“attachment_7404161” align=“alignleft” width=“380”] PMC Bank. PTI photo[/caption] Police told the court that they need to interrogate the accused further in connection with the scam. The court then extended their remand till 14 October. Meanwhile, a number of customers of the bank staged protest against the bank officials outside the court. The EOW had last week registered a case against the Wadhawans and the PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank. Properties worth around Rs 3,500 crore, belonging to HDIL, had also been frozen by the EOW during the probe. Besides the trio, police have also arrested Joy Thomas, former managing director of the PMC Bank, in the case. He is presently in police custody till 17 October. The EOW had earlier told the court the PMC Bank replaced 44 loan accounts of HDIL and its group companies, whose outstanding balance was significantly higher, with 21,049 fictitious loan accounts. It is alleged that the bank’s board of directors and executives, including Joy Thomas, had “full knowledge” of this act.