Govt bonds worth Rs 32,000 crore to be auctioned on April 26
The Finance Ministry on Monday announced the sale of government bonds worth Rs 32,000 crore in two categories on April 26 (Friday).
Promoters of the debt-ridden Housing Development and Infrastructure Ltd (HDIL) and board members of the Punjab and Maharashtra Co-operative (PMC) Bank have been charged with money laundering by the Enforcement Directorate in connection with a Rs 6,500- crore loan default case.
ED is conducting searches at six places linked to the former chairman of PMC Bank Wareyam Singh and promoters of crisis-hit real estate firm HDIL.
Rakesh Kumar Wadhawan, the Chairman, and Sarang Wadhawan, Managing Director of HDIL were arrested by the Economic Offences Wing (EOW) of the Mumbai Police earlier on Thursday.
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Besides, the assets of HDIL worth Rs 3,500 crore have also been frozen.
The BJP Maharashtra Vice President and former Mumbai MP Kirit Somaiya added that the Mumbai Police EOW will also arrest PMC Bank’s former Chairman Wareyam Singh and now-suspended Managing Director Joy Thomas.
Meanwhile, the ED has registered an Enforcement Case Information Report (ECIR) on the basis of FIR of Economic Offences Wing (EOW).
Mumbai Police had on Monday filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Co-operative Bank case and said a special investigation team will be probing the case.
Based on a complaint by an RBI-appointed administrator, the economic offences wing filed the FIR for forgery, cheating and criminal conspiracy against the officials that has led the bank to losses of Rs 4,355.46 crore since 2008.
The central bank clamped down on PMC as it found the bank had under-reported non-performing assets (NPAs) during its annual inspection.
Last week, the RBI barred the PMC Bank, Mumbai from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles.
However, on Thursday, the RBI raised withdrawal limit for account holders of the stressed PMC Bank to Rs. 25,000 from earlier withdrawal limit of Rs 10,000.
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