Chandigarh, October 15: Days after Waryam Singh, the former chairman of Punjab and Maharashtra Co-operative (PMC) Bank was arrested, Mumbai Police’s Economic Offences Wing (EOW) has revealed that Singh owns a Rs 400-crore business hotel in Amritsar along with several other properties. According to a report by Hindustan Times, Singh had purchased the hotel from his personal earnings from the alleged Rs 4,355-crore fraud. On Monday, the Economic Offices Wing (EOW) of Mumbai Police claimed to have reliable information that Singh had purchased a 5-star hotel in Amritsar with the “ill-gotten” money of the PMC bank.” PMC Bank Ex-Chief Waryam Singh in Police Custody Till October 9.
Police told the Esplanade Court that Waryam Singh was not cooperating in the interrogation. During the investigation, Police stated that they have information that Singh owns land parcel in Juhu Beach area, next to citizen hotel, worth Rs 2,500 cr. "Singh was questioned about this but he gave evasive answers. We have found out that Waryam Singh has purchased one 5-star hotel named Lemon Tree hotel, located in Amritsar out of the ill-gotten money of PMC bank,” the police said in Singh’s remand copy.
Police also revealed that Singh also purchased various properties in Haryana and Himachal Pradesh out of the criminal proceeds of PMC bank. Earlier, the court sent Waryam Singh and HDIL promoters Rakesh Wadhawan and Sarang Wadhawan to police custody till October 16. PMC Bank Depositor Sanjay Gulati Dies After Protest Rally by Depositors Outside Esplanade Court in Mumbai.
So far, four main accused have been arrested in the PMC Bank fraud, including Waryam Singh. The other accused in the scam are the bank’s former managing director Joy Thomas, and the promoters of Housing Development and Infrastructure Ltd (HDIL), Rakesh Kumar and Sarang Wadhawan. On Monday, the Court extended their police custody by two more days. Police said that Singh is changing his versions about his role that he was forcing Joy Thomas to cover the NPA accounts of HDIL and Wadhawans,” read the remand copy.