Arresting the promoters, managers, ED conducts fresh searches in PMC bank money laundering case

News Bharati    09-Oct-2019
Mumbai, October 09: After arresting the HDIL promoters, PMC bank managers and completing the first tranche of searces across, the Enforcement Directorate yesterday conducted fresh searches at a posh bungalow located in Alibaug in connection with the money laundering case registered abide.
 
 
"The 22-room bungalow is linked to HDIL promoters Wadhawan's and has been sealed by the agency after the raid", the statement read. The agency also seized jewellery worth 60 crore rupees, a business jet, 15 cars, two fixed deposits worth 1.5 crores and 10 crore rupees in connection with the investigation of the case.
 
The searches were being conducted after a criminal complaint was filed under the Prevention of Money Laundering Act by the Central agency. Based on a complaint by an RBI-appointed Administrator, the police complaint was filed earlier last week on charges of forgery, cheating and criminal conspiracy against the officials.
 
The problems at the Punjab and Maharashtra Cooperative (PMC) Bank came to light after a whistle blower complaint, following which the Reserve Bank of India, on September 23, placed the lender under an administrator. The RBI has also barred the bank from carrying out regular banking activities.
 
The PMC case has sparked renewed concerns about the health of India's troubled banking sector, which has been rocked by a multi-billion dollar fraud at a state-run lender, the collapse of a major infrastructure lender, bad loan issues at state-run banks and a liquidity squeeze that has hit shadow lenders.
 
 
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