In light of a FIR enrolled by the EOW, the ED had recorded a case under the Prevention of Money Laundering Act (PMLA). The ED is testing claims that PMC Bank under-announced non-performing resources, or awful advances, subsequent to financing a grip of organizations, principally in the troubled land segment.
Four days after Mumbai Police booked Punjab and Maharashtra Cooperative (PMC) Bank and Housing Development Infrastructure Ltd (HDIL) authorities for encouraging advances infringing upon RBI standards, the Economic Offense Wing (EOW) of the Mumbai Police Friday captured PMC's suspended Managing Director Joy Thomas.
Thomas, as per PTI, was gathered to the EOW office at the Mumbai Police central station and was captured after a series of addressing.
On Thursday, the EOW had captured HDIL chiefs Rakesh Wadhawan and his child Sarang Wadhawan regarding the case. As indicated by the Mumbai Police FIR, the misfortunes in the supposed misrepresentation case have been pegged at Rs 4,355 crore.
The capture of PMC's previous Managing Director comes hours after the Enforcement Directorate completed the strikes at six distinct areas crosswise over Mumbai.
In light of a FIR enrolled by the EOW, the ED had documented a case under the Prevention of Money Laundering Act (PMLA). The ED is examining claims that PMC Bank under-announced non-performing resources, or awful credits, subsequent to financing a grasp of organizations, principally in the bothered land part.
Mumbai Police had first enrolled an offense on a protest from the RBI following the breakdown of the bank. The RBI had stepped in and set limitations on withdrawals after the emergency at the bank became known a week ago chiefly because of claimed under-revealing of Non-Performing Assets (NPA).
Four days after Mumbai Police booked Punjab and Maharashtra Cooperative (PMC) Bank and Housing Development Infrastructure Ltd (HDIL) authorities for encouraging advances infringing upon RBI standards, the Economic Offense Wing (EOW) of the Mumbai Police Friday captured PMC's suspended Managing Director Joy Thomas.
Thomas, as per PTI, was gathered to the EOW office at the Mumbai Police central station and was captured after a series of addressing.
On Thursday, the EOW had captured HDIL chiefs Rakesh Wadhawan and his child Sarang Wadhawan regarding the case. As indicated by the Mumbai Police FIR, the misfortunes in the supposed misrepresentation case have been pegged at Rs 4,355 crore.
The capture of PMC's previous Managing Director comes hours after the Enforcement Directorate completed the strikes at six distinct areas crosswise over Mumbai.
In light of a FIR enrolled by the EOW, the ED had documented a case under the Prevention of Money Laundering Act (PMLA). The ED is examining claims that PMC Bank under-announced non-performing resources, or awful credits, subsequent to financing a grasp of organizations, principally in the bothered land part.
Mumbai Police had first enrolled an offense on a protest from the RBI following the breakdown of the bank. The RBI had stepped in and set limitations on withdrawals after the emergency at the bank became known a week ago chiefly because of claimed under-revealing of Non-Performing Assets (NPA).
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