PMC Scam: Singh kept outstanding dues in dark

Mumbai: The Mumbai Police on Monday told a Mumbai court that former chairman of Punjab and Maharashtra Cooperative (PMC) Bank Waryam Singh acted at the behest of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan to keep their outstanding dues hidden.

In an application submitted before the court to seek an extension of Waryam’s custody, Police Inspector Kishore Parab asserted that he did not cooperate in the interrogation and kept changing his statement. The police told the court that Joy Thomas, the former Managing Director of PMC Bank, apprised them about all the developments.

Taking cognizance of the application, Esplanade court in Mumbai, earlier today, sent the trio to police custody till October 16.

According to the police, PMC bank officials gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.

Singh was arrested on October 6 for committing offences such as cheating, criminal breach of trust and forgery under the Indian Penal Code (IPC).