PMC Bank scam: amount recovered from selling mortgaged property of HDIL to be ploughed back to the bank

Minister Satej Patil says the amount to be deposited in the bank itself

@the_news_21

Mumbai: Maharashtra Minister of State (MoS) for Home, Satej Patil in a written reply in connection with the scam-hit Punjab and Maharashtra Cooperative (PMC) bank has stated that a joint committee headed by Reserve Bank of India (RBI) Governor has been evaluating the property of HDIL (Housing Development and Infrastructure Limited) which is being mortgaged with the beleaguered bank. 

After the evaluation of the said property, the property will be sold and the amount that would be received will be deposited into the PMC bank as early as possible, he added. 

The committee chaired by RBI governor consists of the Economic Offences Wing (EOW) of Mumbai Police and Enforcement Directorate (ED) as well.

 Patil gave this written reply to a question raised by Shiv Sena MLA Ravindra Waikar in the Legislative Assembly in the winter session of the state legislature last year. Waikar had raised the issue of the PMC bank scam through a calling attention motion on December 21, 2019. 

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The Shiv Sena legislator had given the details of the scam on the floor of the House. He had said, statements of 43 account holders who have their deposits in the bank had been recorded in this connection. Waikar had informed the House that many depositors lost their lives as they could not withdraw the money from their account. 

He had said that by selling the property of HDIL, the bank could be revived which would give much-needed relief to the depositors and customers of the bank. The MoS Home said that HDIL and its group company have not repaid the loan of Rs. 6121.07 crore to the PMC bank since 2008-2019.  

Former Managing Director (MD) Joy Thomas, Board of Directors and staffers of the PMC bank deliberately concealed the information in the Bank’s Advance Indent on the disbursement of the loan at the closing of financial year March 31, 2018, Patil said. 

Joy Thomas, the former MD of scam-hit PMC Bank, allegedly jointly owns 10 properties with his second wife in Pune, police officials said on Monday.

He said that there were 44 loan accounts of HDIL and its group companies. Patil said that false information was provided to the RBI wherein the accused said that loan amount belonged to 21,049 fake accounts. And, these accounts did not reflect in the core banking solutions and were just registered in the advance master indent which was given to the RBI during the close of financial year March 31, 2018, for inspection purpose. 

The property of HDIL at Palghar, Naigaon, Vasai and Virar were mortgaged to borrow the loan from the PMC bank. Besides, it also includes 14 vehicles and two yachts which have been confiscated by the police. 

In addition to this, the police have sealed the bungalow of Rakesh and Sarang Wadhwan’s bungalow at Alibaug, the flat belonging to the wife of Joy Thomas in Pune and the 400-crore business hotel of ex-PMC bank chairman, Warayam Singh in Amritsar, Punjab

Patil in his letter has also informed that police are also investigating whether these accused own property outside India.  

The court in its order on November 25, 2019, allowed to auction two aeroplanes and a yacht belonging to HDIL group firms owned by Rakesh Wadhwan and his son Sarang, the prime accused in the Rs 4,355-crore scam at the cooperative lender. At present, twelve accused in the scam are in judicial custody.