PMC Bank Scam: Former Chairman Waryam Singh Arrested

Waryam Singh, the former chairman of Punjab and Maharashtra C0-operative Bank also served as the director of HDIL. 

1 min read
Waryam Singh, former chairman of PMC Bank, previously served as the director of HDIL.

Former Chairman of the Punjab and Maharashtra Co-operative (PMC) Bank, Waryam Singh, was arrested by the Economic Offences Wing (EOW) of Mumbai Police on Saturday, 5 October, in connection with the alleged Rs 4,355 crore scam at the bank.

Singh was taken into custody by the officials of the special investigation team of EOW from Mahim Church area. He was brought to the EOW office and questioned about the alleged scam, following which he was arrested.

The development came after EOW arrested former Managing Director Joy Thomas, and promoters of HDIL group Rakesh and Sarang Wadhawan in relation to the case.


Speaking to The Quint, a senior official of the Mumbai Police confirmed Waryam’s arrest saying that Waryam played a pivotal role in the case.

“SIT has taken Waryam Singh under arrest to come to a logical conclusion as his role has been found to be significant in relation to the case.”
Pranaya Ashok, DCP (Operations), Mumbai Police

Earlier during the day, the Enforcement Directorate had seized the private Jet and cars of HDIL promoters in connection with the case.

According to the FIR registered by EOW, HDIL group promoters colluded with the bank management to take loans from the its Bhandup branch in Mumbai.

Despite non-payment, bank officials allegedly did not classify these loans as non-performing advances, and hid the information from the Reserve Bank of India.

They “replaced” HDIL’s 44 loan accounts with over 21,000 fictitious loan accounts to “camouflage” HDIL’s loan defaults, the EOW told a court on Friday.

(With inputs from PTI)

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