PMC Bank Case: ED Raids Six Locations, Files Money Laundering Case
PMC Bank’s Waryam Singh and Joy Thomas as well as an HDIL director have been named in the FIR relating to the fraud case.
The Enforcement Directorate has raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud at Punjab and Maharashtra Cooperative Bank, officials said on Friday.
The PMC Bank fraud case is based on a first investigation report filed by the Economic Offences Wing of Mumbai Police. The ED raids are aimed at gathering additional evidence, sources said.
The ED and Mumbai Police’s case is against the former management of PMC Bank and promoters of Housing Development & Infrastructure Ltd. Based on a complaint by a Reserve Bank of India-appointed administrator, Mumbai Police had earlier this week registered an FIR on charges of forgery, cheating and criminal conspiracy against the officials of PMC Bank and HDIL.
The bank's former chairman Waryam Singh, suspended Managing Director Joy Thomas and other senior officials, along with a director of HDIL, have been named in the FIR. According to initial investigation the bank's losses since 2008 were Rs 4,355.46 crore.