A total of Rs 10.5 crore cash has been found missing from the records of Punjab and Maharashtra Co-operative (PMC) Bank. The discrepancy was revealed by an internal team of the crisis-hit bank. According to the bank's internal team, "multiple cheques" issued by Housing Development and Infrastructure Limited (HDIL) and its related entities have been found. Moreover, these cheques were never deposited with the bank and the cash was never handed over to the HDIL parties.
The discovered cheques amount to over Rs 10 crore but the team found that there was no account for another missing amount of Rs 50-55 lakh.
Officials had earlier quoted Rs 4,355 crore loan fraud by the bank. However, the total fraud amounts to over Rs 6,500 crore, contrary to the amount quoted by the corrupt officials who were involved in the scam.
The bank's internal investigation team found out about the missing Rs 10.5 crore only after looking carefully into the bank's financial transactions, the report added.
It has also come to light that HDIL and group companies sent cheques for a couple of years to the bank's former managing director Joy Thomas.
Thomas did grant HDIL parties cash but did not deposit these cheques with the bank.
There wasn't any entry of cheques in the bank's record book.
Thomas, who had earlier admitted about the scam, has now been sent to judicial custody till October 22.
Thomas, however, was not alone and the loans to HDIL were approved along with other members on the loan committee of the PMC Bank. With the fresh development, the Economic Offences Wing (EOW) of the Mumbai Police may additionally book Thomas and other involved people for misappropriation of funds.
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