EXCLUSIVE: PMC Bank's Rs 4,355 crore scam! Bankers opened 21,049 dummy accounts to save loan defaulters

There are major disclosures in the FIR registered against the Punjab and Maharashtra Co-operative Bank (PMC) Limited, which is facing RBI's severe restrictions. The FIR has revealed that the bank has distributed huge loans to companies on a large scale, leading to a default of whopping Rs 4,355 crore. The report also claimed that loans distributed to one HDIL were disbursed through 44 accounts.

Who is responsible for Rs 4,355 crore scam?

The FIR revealed that loans given to one HDIL were distributed through 44 accounts, while there are only 10 such accounts that have been investigated so far. Reportedly, bankers opened around 21,049 dummy accounts to hide the amount of 44 accounts. Also, shockingly these 21,049 dummy accounts were not even linked to the bank's CBS.

Why dummy accounts?

> It is difficult for RBI to keep a track on small accounts
> FIR has been lodged against Former MD Joy Thomas and other individuals involved in the case
> FIR also includes names of promoters and other companies of the group
> Former MD Thomas is not allowed to leave the country, and police have issued a Look Out Notice against him.

Who defaulted in checking 10 out of 44 accounts?

Name                                            Outstanding balance
Rakesh Wadhawan                        Rs 1902.66 crores
HDIL                                               Rs  1306.2 Crore
Somerset Construction                  Rs 226.29 Crore
Sarve All Construction                   Rs 180.58 Crore
Sapphire Land Development         Rs 136.54 Crore
Emerald Realtors                           Rs 114.75 Crore
Housing Developers                      Rs 133.01 Crore
Sarang Wadhawan                        Rs 128.65 crores
Prithvi Realtors                              Rs 104.44 Crore
Satyam Realtors                            Rs 122.34 Crore

Total amount                                  Rs 4355.46 crores

HDIL's comments on the case

> We have written a letter to the administrator of PMC Bank
> We have asked the administrator to clear the matter
> We want to do right things for the depositors and all parties involved
> We are facing difficulties due to slowdown in the estate sector
> HDIL accounts are audited and well maintained
> We are completely ready to cooperate with regulators and authorities