PMC bank fraud: ‘Waryam Singh acted as bridge between bank officials and HDIL’

Indian Express
Mohamed Thaver
October 07, 2019

Waryam Singh, the fourth person to be arrested from Mahim on Saturday evening in the Rs 4,355-crore scam at the bank, was remanded in police custody till October 9. 

WARYAM SINGH, the former chairman of the Punjab and Maharashtra Co-operative (PMC) bank “was a bridge between the bank officials and business tycoons” who carried out the scam, the Mumbai Police told the court while seeking custody of Singh.
Singh, the fourth person to be arrested from Mahim on Saturday evening in the Rs 4,355-crore scam at the bank, was remanded in police custody till October 9. While the police claimed he was the link between the accused, his lawyers argued that he was not aware about the day to day activities at the bank.
The Economic Offences Wing (EOW) of Mumbai Police, which is investigating the case, mentioned in its remand that Singh was also on the Board of Directors of HDIL in the past.
“Hence, he is the connecting link who brought together the other HDIL promoters Rakesh and Sarang Wadhawan and former PMC bank MD Joy Thomas. He was known to be close to the Wadhawans,” an official said.
Cops said they wanted to corroborate some of the things they have found during the interrogation of the other three accused.
Advocate Vibhav Krishna, representing Singh, said, “I argued before the court that Singh was not part of the executive functioning at the PMC Bank and was only on the Board of Directors that has a supervisory role and hence he was not aware about what was happening at the bank.”
“ The investigating agency already has several documents that they need about the meetings and hence Singh’s custodial interrogation was not required,” he added. After hearing the arguments, the holiday court Magistrate remanded Singh to police custody till October 9.
Earlier, the police had carried out searches at the residence of Singh and identified demat accounts to the notional amount of Rs 100 crore. The demat account had been frozen. The EOW eventually arrested Singh Saturday evening from Mahim. Prior to this, the police had arrested the Wadhawans and Thomas.
A police official said that during the course of their interrogation, if some new names crop up, they may be arrested in the case as well.

Comments

Post a Comment

Popular posts from this blog

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017 arrested his
Read more

J&K Cricket Board Scam: Chargesheet Filed Against Farooq Abdullah, 3 Others By CBI

OUTLOOK July 16, 2018 The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah and three others. The CBI on Monday filed a chargesheet against former Jammu and Kashmir chief minister Farooq Abdullah and three others in a special court in Srinagar in connection with alleged irregularities and misappropriation of funds in the Jammu and Kashmir Cricket Association. After the fall of the Peoples Democratic Party (PDP) and the BJP government, this is the biggest development that has taken place in the state. The National Conference has not reacted to the chargesheet so far. The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah, the then president of JKCA, Md Saleem Khan - the then general secretary, Ahsan Ahmad Mirza - the then treasuer and Bashir Ahmad Misgar, an executive in the J&K Bank. The BCCI gave Rs 112 crore t
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav
Read more