A team of Mumbai police were on lookout for Wariyam Singh and had conducted raids at his house as well
This picture has been used for representational purpose only
On Saturday, the Economic Offence Wing (EOW), which is investigating the PMC Bank scam has arrested former Chairman Wariyam Singh (68). According to investigating officer, Singh was invovled in hiding information that HDIL's loan has turned into Non performing Assets (NPA) and forged balance sheets which were produced to the Reserve Bank of India.
Also Read: PMC bank scam: RBI increases withdrawals to Rs 25,000 from Rs 10,000
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The Enforcement Directorate (ED) had registered ECIR on October 3 evening. It has taken up the case on the basis of the Mumbai Police Economic Offences Wing First Information Report (FIR). Till now, they have arrested two HDIL promoters and Ex-Managing Director Joy Thomas. Cops were on lookout for Wariyam Singh and had conducted raids on his house on October 4, 2019 as well.
According to investigating officers, the Chairman, MD and other officials had hidden the information of loans provided by PMC Bank to HDIL and other companies have turned into Non-performing asstes (NPA). Also, the bank had forged balance sheets hiding information of NPA loans while producing them to RBI, which allegedly cost a loss of Rs 4435.46 crore rupees.
According to the official statement released by Mumbai Police, on Saturday evening, the EOW received information that Wariyam Singh is at Mahim Church. Acting on the tip-off the team nabbed him. During preliminary investigations, he accepted his role into wrongdoings.
Also Read: PMC fraud case: Bank staff were assured of salary being paid
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