PMC Bank scam: Delhi HC seeks response of Centre, RBI on plea seeking release of Rs 5 lakh to depositors
New Delhi: The Delhi High Court Tuesday requested the Centre and the RBI to reply by August 19 on the plea looking for launch of as much as Rs 5 lakh to depositors of the Punjab and Maharashtra Cooperative (PMC) Bank.
On May 28, had requested the Centre, the RBI and PMC Bank to let depositors withdraw the above talked about quantity within the wake of difficulties confronted by them throughout COVID-19 pandemic
Meanwhile, PMC Bank has been put below restrictions by the RBI, following the unearthing of a Rs 4,355-crore rip-off.
The Delhi HC bench has issued discover to the Finance Ministry, Reserve Bank of India and PMC Bank looking for their stand on the appliance moved by shopper rights activist Bejon Kumar Misra. The petitioner has sought instructions to the financial institution and others to instantly carry the procedural curb on withdrawal of cash with none situation to permit the depositors to cater to their pressing wants amid the COVID-19 pandemic.
Notably, on June 14, a particular PMLA rejected the bail pleas of Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan within the cash laundering case involving PMC Bank.
Rakesh Wadhawan and his son Sarang are accused, in addition to a number of others, within the Rs 4,355-crore PMC Bank rip-off which surfaced in September final yr. The case stems from huge loans given by PMC Bank to the now bankrupt HDIL. The father-son duo have been booked below the Prevention of Money-Laundering Act (PMLA).
PMC financial institution officers allegedly gave loans to HDIL between 2008 and 2019 regardless of no reimbursement of the earlier loans. Out of the 44 financial institution accounts answerable for not paying again the large loans taken from PMC Bank, 10 belonged to HDIL and the Wadhawans. Out of the 10 financial institution accounts, Sarang and Rakesh had one private account every.
The case is being probe by Enforcement Directorate, together with Economic Offences Wing of Mumbai police.
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