THE Mumbai Police on Monday filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Cooperative (PMC) Bank case and said a special investigation team will be probing the case.

Crisis hit HDIL today suffered another setback as the Economic Offences Wing arrested its Directors Sarang Wadhawan and Rakesh Wadhawan in connection with PMC Bank case. The body also attached property worth 35 billion rupees in PMC bank case. The Mumbai Police on Monday filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Cooperative (PMC) Bank case and said a special investigation team will be probing the case. The now-suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative Bank (PMC), Joy Thomas, reportedly admitted to the RBI that the bank’s actual exposure to the bankrupt HDIL is over Rs 6,500 crore — four times the regulatory cap or a whopping 73 per cent of its entire assets of Rs 8,880 crore. On September 23, RBI officials placed PMC Bank under directions, citing irregularities in lending loans to some companies for six months.

The PMC Chairman Wareyam Singh was on the board of HDIL between 2006 and 2015 and had then joined PMC Bank as director was later elected as chairman of the bank. The case against PMC Bank officials and HDIL chairman has been registered under sections 409, 420, 465, 471, 120 (B) of IPC.

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