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PMC Bank Scam: Police Custody Of Wadhwans, Waryam Singh Extended Till Oct 14

Outlook 2019-10-09 00:00:00

Mumbai's Esplanade magistrate's court on Wednesday extended police custody of Housing Development Infrastructure Ltd (HDIL) directors Rakesh and Sarang Wadhawan and former chairman of PMC Bank Waryam Singh till October 14.

The trio were produced before Metropolitan Magistrate S G Shaikh as their custody ended on Wednesday.

Mumbai Police's Economic Offences Wing had requested the extension of their remand citing they needed to interrogate the accused further.

While the Wadhawans were arrested in the case last Thursday, Singh was held on Saturday.

Meanwhile, outside the court, customers of the bank, who are facing severe restrictions on withdrawal of funds since the dire situation of the bank came to light, staged a protest, demanding that there should be "only jail and no bail" for the accused.

Some of them were carrying placards.

"Arrest Wadhawans but release our funds, SOS Modiji," said one placard.

"This scam is on you Mr Modi", said another, while a third one said "RBI is responsible for this mess, what is our fault".

The EOW last week registered a case against the Wadhawans and top officials of PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

Besides the trio, EOW has also arrested Joy Thomas, former managing director of the bank, whose police custody will expire on October 17.

The EOW had earlier told the court that bank officials replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts, to camouflage huge loan defaults by the real estate group which landed the bank in the current crises.