PMC Bank Row: Account-holders hold protest outside Mumbai court

The protestors shouted slogans outside a Mumbai Court where the main accused of the case were produced. Targeting the Reserve Bank of India and the government, the account holders asked when will they be able to withdraw their own money

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On Monday, October 14, over 200 Punjab and Maharashtra Co-Operative (PMC) Bank account holders staged a protest outside a Mumbai Court at the time when the accused in the Housing Development and Infrastructure Ltd. (HDIL) directors Rakesh Wadhawan and Sarang Wadhawan and former PMC Bank Chairman Waryam Singh - were produced before the court for hearing. They are all accused in this case of fraud. 

The account holders of the PMC Bank gathered at the Esplanade court in Mumbai to hold protest against the Reserve Bank of India (RBI) and the government. The frustrated account holders shouted slogans against the accused and demanded some clarity regarding when they will be able to withdraw their money from their accounts.

Meanwhile, as the prime accused - Wadhawan brothers along with Waryam Singh were produced in the court on Monday afternoon, the prosecution demanded their custody remand be extended for two more days. To which, the defence counsel said that they had no objection, but demanded it should result in some substantial development in the case.

Responding to which, the Investigating Officer told the court that every day new developments came to light and so far, nine to ten properties of former PMC Bank Managing Director Joy Thomas bought in Pune have been found.

After this, the court sent the accused trio to police custody till October 16. In the meantime, protesters kept shouting slogans against the accused. To avoid any mishaps, police security was beefed up and only a few representatives of protesters were allowed in the court.

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