PMC Bank Crisis: Waryam Singh, Ex-Chairman of Punjab and Maharashtra Co-operative Bank, Detained by Mumbai Police, To be Arrested Soon
PMC Bank customers panic after RBI imposed restrictions on Sept 23 | (Photo Credits: YouTube/Screengrab)

Mumbai, October 5: Waryam Singh, former chairman of Punjab and Maharashtra Co-operative (PMC) Bank has been detained by the Mumbai Police. He is being taken to Economic Offences Wing (EOW) headquarters. After all formal procedures Singh will be arrested, Police said. Earlier, he had written to the EOW that he will surrender by Saturday evening. PMC Bank Crisis: Joy Thomas, Suspended Bank Chief, Admits to Have Hid Info About Stressed HDIL Accounts From RBI.

Investigations into the scam signs that the massive real estate empire built by the Wadhwans also had a vital role of Waryam Singh. On Friday, Enforcement Directorate(ED) questioned Rakesh Wadhawan and his son Sarang, promoters of Housing Development and Infrastructure Limited (HDIL), about the shady' companies, including Privilege Airways Pvt Ltd which owns the DA 2000 Falcon jet manufactured by Dassault, a French Company, and and Broadcast Initiative Pvt Limited, which was virtually run by Singh.

Records reveal that Privilege Airways was formed by Rakesh on February 16, 2006, apparently to oblige politicians and celebrities. Singh, a conduit between politicians and Rakesh Wadhawan, was a regular flier on the same Falcon 2000. PMC Bank Crisis to Impact Maharashtra Assembly Elections 2019? Depositors Seek Access to Their Money with Placards Saying 'No Solution, No Vote'.

Waryam Singh, a Director in Privilege Power and Infrastructure Limited, had facilitated a dialogue between several state governments and HDIL to set up multi-crore power projects out of Maharashtra.

IANS sources said that after establishing Privilege Airways and Power Infrastructure, the Wadhawans eyed the setting up of a satellite news channel with an objective to make a strong trace in the corridors of power in Delhi. A senior IPS officer of Uttar Pradesh cadre and Waryam Singh played a key role in accomplishing this objective for HDIL.

According to a former editor of a news channel owned by the Wadhawans, "It was Waryam Singh who prompted Wadhawan to takeover Broadcast Initiatives Ltd CN, the company which owned a Hindi (national) news channel run by Bollywood producers Adhikari brothers. The sole aim of setting up the news channel was to liaison with the people in power."

The former editor-level telly journalist said that Waryam Singh finally pressured a journalist working in the political bureau of Live India to fix his appointments with Central ministers.

Records of the Ministry of Corporate Affairs reveal that Waryam Singh was appointed as the Director of Broadcast Initiatives Limited on September 27, 2010, which ran the Live India Channel from Mandir Marg, New Delhi.

Earlier, Mi-Marathi, a regional news channel, was re-launched from Mumbai for which a separate company Mi-Marathi Media Limited was established. The Wadhwans brought in Waryam Singh as the Director in this company on May 13, 2010.

Waryam Singh, who was close to two Union Cabinet Ministers in the UPA-2 government, wielded enormous media power to enhance HDIL's business prospects.

However, the channel could not secure TRP ratings. Later, a multi-crore distribution scam surfaced in the company and after an internal financial audit, Rakesh Wadhwan decided to sell the news channel to a chit fund operator from Maharashtra.

Documents in possession of IANS show that Waryam Singh also held 1.9 per cent stake in HDIL till September 2017. Waryam Singh, who joined the HDIL board as Director in 2005, finally resigned from Wadhawan's company to join as Chairman in 2015.

No wonder the Reserve Bank of India, probing the link between HDIL and PMC Bank, had earlier written to the Central Registrar of Cooperative Societies, a department which comes under the Union Ministry of Agriculture, to take action in this connection against Waryam Singh.

(With IANS Inputs)