PMC Bank Fraud aggrieved Customers stage Protests outside Mumbai Court

Team SoOLEGAL 10 Oct 2019 7:05pm

Image courtesy: PMC Bank Fraud aggrieved Customers stage Protests outside Mumbai Court

Several aggrieved customers along with their families and friends went on to the streets of Mumbai to protest against the alleged stagnation by the Apex Bank (Reserve Bank of India) and not taking the requisite action against the bank officials of the Punjab & Maharashtra Cooperative (PMC) Bank.

The move by the protestors came in the wake of the latest banking fraud amounting to Rs. 4,355 Crores alleged to be committed by the owners of Housing Development and Infrastructure Limited (HDIL) in consonance with the high-ranking officials of the PMC Bank which has led the bank and its customers into a massive crisis.

The situation got worsened after the RBI had to intervene and impose withdrawal restrictions while leaving customers to suffer and not being able to withdraw their own hard-earned money from the bank.

The protesters, armed with signboards such as ‘No Bail, Only Jail’, gathered outside Esplanade Court in Mumbai to show their aggression. Some angry protesters even went on to attack a few of the vehicles leaving the court premises.

The aggrieved protestors also recounted stories of how their money was stuck after limits were imposed on withdrawal. Furthermore, the customers demanded from authorities that the bank should return their savings.

A Mumbai local court has already sent Rakesh and Sarang Wadhawan, the Directors of HDIL along with former Chairman of PMC Bank, Waryam Singh to police custody till October 14 after Mumbai Police had arrested them last week on Thursday and Saturday respectively.

The bank fraud case against HDIL owners, their associates, and PMC bank officials are being investigated by the Enforcement Directorate (ED). The top financial investigating agency has also filed a money laundering case against HDIL promoters.

Former Managing Director of the PMC Bank, Joy Thomas, is also under the ED scanner in the present case.

Tagged: PMC Bank   HDIL   Enforcement Directorate   PMC Bank Fraud  
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