Details of transactions reveal how the secret cash window served as a personal locker for the scam-accused.
Joy Thomas
After it recently came to light that a secret cash counter was kept at the Punjab & Maharashtra Co-operative (PMC) Bank's headquarters, mid-day has accessed details of hidden transactions worth tens of crores made by HDIL, the bank's MD Joy Thomas and chairman Waryam Singh.
According to Mumbai police's Economic Offences Wings' (EOW) 32,000-page charge sheet, HDIL withdrew R22.32 crore in cash between 2013 and 2014 for its projects Majestic Tower and Whispering Tower in Nahur. Between 2014 and 2019, the company and its associates withdrew R65.29 crore. Of the R65.29 crore, R10 crore remains unreturned. Each transaction would be worth several lakhs and sometimes even a crore.
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The issued cheques would be handed over by the bank manager to the Joint General Director Manjit Kaur, who would keep them aside. The transactions never reflected in the books of accounts. Wadhawans also enjoyed credit facilities worth R284 crore between 2008 and 2013 and mortgaged property worth only R91 crore.
Waryam Singh, on the other hand, withdrew over R4 crore between 2017 and 2019 from the cash counter, which he returned to the bank without paying interest. Whereas, Thomas took R53.77 crore between 2017 and 2019. He still owes the bank R35.12 crore. These secret transactions count as acts of commission and omission by Thomas and Waryam Singh.
By sanctioning the loans to HDIL group companies between 2007 and 2017, Thomas violated various guidelines of the Reserve Bank of India (RBI). Loans to several HDIL accounts and to 44 old Non-Performing Assets (NPA) coming up to R5,801.35 crore — 69.2 per cent of the bank's collective loans issued — were sanctioned by Thomas.
Unique customer IDs missing
The PMC Bank officers did not issue unique customer identification numbers for some customers, manually classified accounts as NPAs instead of letting the accounting software do it, hid 31 NPAs from the RBI's inspection team, and did not record the unserviced interest in the profit and loss statement, due to which the bank appeared to be making profits and potential inflated revenues.
Rs 22.32cr
Amount in cash taken by HDIL for its real estate projects in Nahur
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