Police to set up SIT team, hire forensic auditor
A first information report was registered against Punjab and Maharashtra Co-operative Bank Chairman S Waryam Singh, office-bearers, suspended managing director Joy Thomas, Housing Development & Infrastructure (HDIL), its associate firms and promoters Rakesh and Sarang Wadhawan, among others, by the economic offences wing (EoW) of the Mumbai Police on Monday.
A look out notice has also been issued against Thomas, sources told Business Standard. According to a PTI report, a lookout circular was also issued against Wadhawans. The Enforcement Directorate is likely to register a case under the Prevention of Money Laundering Act in the next few days based on the FIR, sources said. The case filed is a base offence under money laundering, said an ED official.
In the EoW case, the accused have been charged under Sections 409 (breach of trust), 420 (cheating), 465 (forgery), 466 (aggravated form of forgery), 471 (using a forged document as genuine), and 120 (B) (criminal conspiracy) of the Indian Penal Code. The EoW has formed a special investigation team to probe the matter. The FIR was lodged following a complaint by the Reserve Bank of India (RBI) appointed administrator of PMC Bank for financial irregularities at the lender. Separately, the police will appoint a forensic auditor to study the money trail and a legal advisor for carrying the probe further….
Read More: PMC Bank Crisis
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