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PMC BANK- Sikh Community giving a helping hand.

No Doubt the ED is haunting the properties of close accomplices of HDIL Chairman Wadhawan’s in connection with Rs. 4,355 crore Punjab Maharashtra Cooperative Bank Fraud Case. A case of Money laundering was registered against the Wadhawan’s that was followed by searching of various properties. But in another clause Mumbai’s Sikh Community has stood up for the trying to save the sinking PMC Bank. Initiative has been taken by the Committee of Sri Guru Singh Sabha Gurudwara, located in Dadar, Mumbai. The committee has held numerous meetings with a RBI Arbitrator since the RBI imposed financial restrictions over the Bank. After the meetings, depositors were advised not to rush for the withdrawal of their money atleast for next two to three years. Raghbir Singh, Committee president said, ”The Arbitrator told us that the bank can be saved provided the people do not panic or they should not rush to withdraw their money”. ED has recovered a private plane and jewellery worth Rs 60 crore of Wadhawan’s on Saturday. PMC Bank’s former Chairman Waryam Singh’s bank account has been frozen in the process with deposits of about Rs. 10 crore. FIR registered in the Economic Offence Wing of Mumbai Police claims that a massive deceit of fraud of Rs 4,355 crore has been made possible with the collaboration of Senior Bank Officials and the HDIL promoters. According to the FIR PMC Bank Officials opened around 21,000 dummy accounts which were not even linked to the bank’s CBS. Later loans were disbursed in these accounts but were not shown in CBS. After the non payment of loans the PMC Bank officials did not bother to inform RBI.   Irvinder Singh  

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