TIL Desk/Business/New Delhi/ Punjab and Maharashtra Cooperative (PMC) Bank replaced 44 loan accounts of the HDIL group with over 21,000 fictitious loan accounts, and thus “camouflaged” defaults by the group, the police told a court here on Friday.
The Economic Offences Wings of city police disclosed the information while seeking custody of chairman and managing director of Housing Development and Infrastructure Ltd (HDIL) Rakesh Wadhawan and his son Sarang, arrested the day before.
The court remanded them in police (EOW) custody till October 9. The EOW has registered an FIR against senior officials of HDIL and the PMC Bank, including its former managing director Joy Thomas, for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.
“In the details of loan accounts submitted to the Reserve Bank of India for the year ended march 31, 2018, the PMC replaced the 44 loan accounts of HDIL and its group of companies, whose outstanding balance were significantly higher, with 21,049 fictitious loan accounts,” the remand plea said.
