Esplanade Court sends PMC bank accused to judicial custody till October 23; SC to hear the case on October 18

Mumbai, October 16: Paving the way of justice to the distresed depositors of the Mumbai based PMC Bank, the Esplanade Court on Wednesday sent accused Rakesh Wadhawan, Sarang Wadhawan and Waryam Singh to judicial custody till October 23 while the SC declared to hear the case on October 18.

 

"We will hear on October 18, PIL filed by Bijon Mishra, seeking a direction for protection of over 15 lakh and 100 per cent insurance cover Punjab and Maharashtra Bank depositors", the SC said in its statement.

 

 

Meanwhile, city's Economic Offences Wing DCP Shrikant Paropkari said assured to the PMC depositors that no guilty person would be spared. "You can come and meet me everyday. We will try our best to ensure that your money is returned to you", he siad while taliknhg to the depositors outside the Esplanade Court.

 

This is a day after three stressed account holders died of pressure, two of them in cardiac arrest and the other of a suicide. The RBI on September 24 imposed a six month ban on the Mumbai based PMC bank on the charges of irregularities, further issuing a special guideline to monitior all the transactions of the said bank affecting the depositors at large.

 

With this, the saving, current, Fixed deposit account holders can now withdraw only Rs 10, 000 within six months. The Apex Bank however, has made it clear that the banking license of the said bank is not cancelled and that it can continue its operations under the set restrictions.