Lakshmi Vilas Bank: Has ease of credit availability in our system encouraged fraud?
Clean and sensible prudential banking norms are the only way to create good institutions. We have stellar examples that stand up to this basic truth. Until we can make that the norm we need rules, supervision, monitoring, disclosure, penalties, and a whole hoard of timely actions we don’t have a great history of taking. Which is why the quiet merger of LVB feels right.
EOW arrests HDIL's Sarang Wadhawan in a redevelopment fraud case
Wadhawan and his father, Rakesh are currently in judicial custody at Mumbai'...
SC stays Bombay HC order directing sale of HDIL assets to repay dues of PMC bank
A bench comprising Chief Justice S A Bobe and justices B R G...
Maharashtra Co-op Bank pitches for branch merger of PMC Bank
Maharashtra State Co-operative (MSC) Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender.
PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence
The Supreme Court on Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank scam case, from Mumbai's Arthur Road Jail to their residence.
An insider blew the lid off Rs 6,500-crore PMC scam
The whistleblower, who was a senior bank official, was angry about RBI being systematically kept in the dark.
HDIL, its promoters have to repay loan to PMC Bank: HC
The court also said that the assets of HDIL and its promoters Rakesh Wadhawan and Sarang Wadhawan must be sold at the earliest in the interest of the PMC Bank and its depositors. A division bench of Justices Ranjit More and S P Tavade was hearing a PIL filed by an advocate, Sarosh Damania, seeking directions for expeditious disposal of HDIL Group assets.
Rs 10.5 crore cash missing from PMC records: Bank's internal investigation team
A new revelation has added big twist to PMC fraud. The bank learned of the missing Rs 10.5 crore cash only while the internal inquiry into the bank's financial transactions was being conducted on the orders of an RBI-appointed administrator.
PMC showed funds siphoned off by HDIL promoters as loan, shows probe
Entire amount of over Rs 6,500 crore was withdrawn fraudulently using this modus operandi, said sources.
Banks will have to reclassify loans given to HDIL as fraud
Real estate developer HDIL is currently in default to various banks and has been admitted for proceedings under the Insolvency and Bankruptcy Code.
PMC suspended chief in police custody till 9th
ED which has registered a money laundering case in this matter and will soon write to the Maldives to attach a yacht owned by the promotors of HDIL group.
PMC Bank created over 21,000 fake accounts to hide defaults by HDIL
These loans were not recorded in core banking system, instead they were mere entries in the "master indent" submitted to the RBI for inspection, the EOW said.
A chunk of PMC’s loans under probe linked to HDIL promoters, states FIR
NEARLY HALF of Rs 4,635 cr loans likely to have been transferred to Rakesh and Sarang Wadhawans’ accounts, with rest borrowed by 7 entities linked to group, finds probe
Ex-MD reveals how six officials pulled off Rs 6,500 crore fraud at PMC Bank
It took 6 officials, 21,049 dummy accounts and over 10 years of misreporting to hide the fraud, Thomas revealed.
It wasn't even a fraud, RBI decision harsh: Suspended PMC MD Joy Thomas
Thomas said no fraud took place at PMC bank and termed the whole issue as "technical in nature".