PMC Bank: 32,000-page chargesheet filed against accused

Nearly three months several depositors of the Punjab and Maharashtra Co-operative Bank Ltd (PMC Bank) lost their lifetime savings and left running form pillar to post, the Mumbai Police on Friday filed a 32,000-page chargesheet against its promoters and top management.

The chargesheet was filed before a Magistrate court by the Economic Offences Wing of the Mumbai Police, under Section 164 of the Criminal Procedure Code.

The chargesheet includes forensic audit report of PMC Bank, statements of 340 witnesses and four witnesses whose statement were recorded before magistrates.

The chargesheet has named former Chairman of PMC Bank Waryam Singh, former MD Joy Thomas, ex-Director Surjit Singh Arora and Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan.

A supplementary chargesheet would be filed against seven PMC Bank employees, who were arrested later.

According to the RBI, PMC bank masked 44 problematic loan accounts, including HDIL loan accounts, by tampering with its core banking system, and the accounts were accessible only to limited staff members.