PMC Bank's Ex Chairman Arrested From Mahim, Gets Police Custody Till October 9

The 68-year old Waryam Singh had been missing since the Reserve Bank of India (RBI) imposed subsection 1 of section 35(A) of the Banking Regulation Act of 1949, which directs that Punjab and Maharashtra Cooperative Bank (PMC) has to close its operations.

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PMC Bank's Ex-Chairman Waryam Singh was nabbed from Mahim on Sunday, October 6 after he had been hiding since the news broke out. He has been arrested by the Economic Offences Wing (EOW) in Mumbai for allegedly being involved in the ₹4,335 crore fraud case concerning the Housing Development & Infrastructure Ltd. (HDIL).

Also Read: A PMC Bank Customer Narrates How The Last Few Days Have Been For Him

The 68-year old Waryam Singh had been missing since the Reserve Bank of India (RBI) imposed subsection 1 of section 35(A) of the Banking Regulation Act of 1949, which directs that Punjab and Maharashtra Cooperative Bank (PMC) has to close its operations. 

Notably, Managing Director of PMC Bank Joy Thomas was arrested on Friday, October 4 and  HDIL Chairman and Managing Director - Rakesh Kumar Wadhwan and Sarang Wadhwan, respectively were nabbed on Thursday, October 3 and their assets worth Rs 3,500 crore frozen.

Also Read: PMC Bank Crisis: EOW States 21,000 Fake Accounts Created To Hide Defaults By HDIL

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