Police remand for Waryam till Oct 9
Mumbai: Waryam Singh, arrested ex-chairman of the Punjab and Maharashtra Cooperative (PMC) Bank, was produced before a holiday court where he was remanded in police custody till October 9. Investigators termed Singh as a ‘bridge between the accused for huge monetary loss to the PMC bank’ by illegal acts of commission and ommisson. Police stated that besides PMC bank, HDIL group companies have borrowed funds from other banks as well.
Singh, 68, was brought to the Esplanade court by inspector Kishor Parab and his team on Sunday afternoon. Singh’s family members were also present in the court room. The city economic offences wing (EOW) is probing cheating case of Rs 4,355 crore lodged by a PMC bank manager.
The police have so far arrested Rakesh and Sarang Wadhawan, both directors of the HDIL group of companies, PMC bank’s former MD Joy Thomas and Singh for their alleged role in causing huge losses to the bank.
Singh’s defence lawyer said that his client was chairman of the bank and that that responsiblity of day to day functioning was on the chief exeucutive / MD Joy Thomas.
Full report on www.toi.in