Po­lice re­mand for Waryam till Oct 9

The Times of India (New Delhi edition) - - Times Nation - Ma­teen.Hafeez @times­group.com

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

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