India realty company boss arrested in PMC co-operative bank scam case

  • 📰 Reuters
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

India arrested the head of a bankrupt realty company on Thursday after lender Pu...

MUMBAI - India arrested the head of a bankrupt realty company on Thursday after lender Punjab and Maharashtra Co-operative Bank accused executives of partaking in a “criminal conspiracy” involving forged audit reports that cost the bank some 43.55 billion rupees .

In the latest case to roil India’s banking sector, PMC made a police complaint accusing its own executives and officials at Housing Development and Infrastructure Limited of misleading the Reserve Bank of India from 2008 to August 2019 by forging the audits to hide the fact that big accounts had become non-performing assets.

Depositors have been informed they can only withdraw a maximum of 10,000 rupees from their PMC accounts over the next six months. On Tuesday, dozens of account holders gathered outside an RBI office in Mumbai to protest against the curbs and demand that the central bank and government intervene to release their funds.

Reuters was not immediately able to contact the two Wadhawans. HDIL did not immediately respond to a request for comment.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines