'No Bail, Only Jail': Upset over Lack of RBI Action, PMC Bank Customers Attack Cars Outside Court


Mumbai: Customers of crisis-hit PMC Bank took to Mumbai’s streets once again on Wednesday to protest against the alleged inaction by the Reserve Bank of India (RBI) in the latest banking fraud to rock the country.

The protesters, armed with signs such as ‘No Bail, Only Jail’, gathered outside Mumbai's Esplanade Court and accused the RBI of not taking sufficient action against the PMC Bank officials. Some angry protesters even attacked the vehicles leaving the court premises.

Recounting stories of how their hard-earned money was stuck after limits were imposed on withdrawal, the customers demanded that the bank return their savings.

The court sent the HDIL directors, Sarang Wadhawan and Rakesh Wadhwan, to police custody till October 14. Waryam Singh, former chairman of PMC Bank, was also sent to custody.

HDIL chairman and managing director Rakesh Wadhawan and his son Sarang were arrested last Thursday, while former chairman of PMC Bank Waryam Singh was held on Saturday.

After registering a money laundering case against HDIL chairman Rakesh Wadhawan and his son Sarang Wadhawan in the ₹4,355 crore Punjab Maharashtra Cooperative (PMC) Bank fraud case, the Enforcement Directorate (ED) on Monday searched the properties of Wadhawan’s close associates.

It was found during the searches that the owners of Housing Development and Infrastructure Ltd (HDIL) gifted a number of houses to politicians in some of Maharashtra’s posh locations. The ED remained tight-lipped about the identities of these politicians.

The agency had also filed a money laundering case against HDIL promoters in the bank fraud case. The financial investigating agency is looking for the details of the other 18 companies linked to the HDIL.

The ED had carried out raids at six places in Mumbai, including the head office of HDIL in Bandra (East) and the residence of Rakesh Wadhawan which is known as Wadhawan House in Bandra (West). The agency also raided the premises of Waryam Singh and former PMC Bank Managing Director Joy Thomas.