Various irregularities with the PMC Bank will now be investigated by the Mumbai Police. According to the metropolis, the Mumbai Police will now investigate how the Reserve Bank of India audit missed various discrepancies with the transactions of the bank. The development was confirmed on Wednesday after Mumbai Police Commissioner Sanjay Barve met a group of PMC Bank depositors at his office.
While interacting with the depositors, Barve said the police are looking into why and how these irregularities in the functioning of the bank did not figure in RBI’s forensic audit report.
“In the normal course, an audit by the RBI or co-operatives should reveal such irregularities. We are looking into this aspect as to how and why the audits did not reveal these things,” he added.
In this case, the loans were not shown in the name of HDIL but were shown in the accounts of different names.
“We are looking into why such disproportionate rise in the loans were not noticed by the regulators,” he said.
"Police will not spare any independent auditors, cooperative auditors, RBI auditors. They all will have to explain what they saw, what they found and why they did not notice these things during audits," he said.
Meanwhile, the Enforcement Directorate on Wednesday said it has identified more properties of the promoters and directors of the Housing Development and Infrastructure Limited (HDIL).
"The agency has traced 1,770.14 acres of land of the HDIL group in Vijaydurg area in Maharashtra's Sindhudurg district. The official said, besides the land, the agency has identified "three hotels of HDIL group in the name of daughter and promoter of the group," said a senior ED official.
He also said that the agency has identified four flats in the name of wife and children of PMC Bank's ex-chairman S. Waryam Singh at Jay Prakash Road, four bungalows in Mumbai's Andheri area.
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