Indian officials registered a police complaint against the senior management of ...
MUMBAI - Indian officials registered a police complaint against the senior management of Punjab and Maharashtra Co-operative Bank on Monday for hiding non-performing assets and disbursing loans that led to a loss of 43.55 billion rupees for the lender, a police official said.
The complaint, which names the bank’s Chairman Waryam Singh and its Managing Director Joy Thomas, was filed with the Economic Offences Wing of Mumbai Police, according to the police official and a statement seen by Reuters. It also names bankrupt realty company Housing Development and Infrastructure Limited and its Chairman Rakesh Kumar Wadhawan, who were beneficiaries of the loans.
The complaint alleges that the PMC and HDIL officials purposely misled the RBI for over a decade from 2008 to August 2019 by failing to disclose big accounts that had become non-performing assets by producing forged audit reports.
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