RBI tightens after PMC fraud

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RBI tightens after PMC fraud

RBI tightens after PMC fraud
October 12
10:02 2019

Like in nineties,the scams are throwing up like daisies in the cooperative and non banking financial sector again as the cash and credit crunch and liquidity cousins of slowdown are gradually surfacing. The RBI has introduced stringent measures at cooperative banks after the collapse of Punjab and Maharashtra Bank following the uncovering of Rs.4000 crore fraud at the Mumbai based cooperative bank. Latest in the The ED investigation was tracing of around 2,100 acres of land worth 3500 crores controlled by HDIL and its promoter Rakesh Wadhawan and his son Sarang aka Sunny located in seven different villages in the Vasai-Palghar belt.

HDIL facing bankruptcy took Rs 1,306 crore in loans from PMC Bank in violation of RBI norms. As of March 31, the outstanding loan amount against Rakesh Wadhwan was Rs 1,903 crore and Sunny Rs 129 crore. Sources stated that of the 2,100-acre land sprawl identified by the ED official on Friday, the HDIL and its promoters had mortgage around 600 acres to PMC. They have also mortgaged another 400 acres with other banks. It is learned that around Rs 800 crore loan taken against these 1,000 land parcels from PMC and other banks.The remaining 1,100 acres land parcels are free from any loan, said sources.

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