The Mumbai Police’s EOW (Economic Offences Wing) probing the Punjab and Maharashtra Cooperative (PMC) bank scam have found that most of the accounts created to hide the loans awarded to HDIL belonged to dead account holders.
Sources in EOW privy to the investigation said that the fictitious accounts mentioned in the Advances Master Indent submitted to the RBI in March 2018 belonged to dead account holders. Some of the accounts also belonged to people who had closed the accounts with the bank.
These accounts were reportedly created within 45 days and then the submission was made to the Reserve Bank of India(RBI) specifically to hide the 44 accounts belonging to HDIL. The amount mentioned in these accounts was much lower than what was borrowed by HDIL and it’s group companies from the bank.
The 21,049 fictitious accounts were not created in the Core Banking System (CBS) and were mere entries in the Advance Master Indent submitted to the RBI in March 2018.
The motive behind the submission of the falsified report clearly states the intention of the accused bank staffers and board members who conspired with Wadhawans and tried to mislead the apex banking body of the country.
During preliminary assessment by RBI, 10 of the 44 accounts belonging to HDIL were found but the other accounts are being assessed to find out actual details of the account holders.
Sources in the investigating agency also said, the scam has badly affected reserves of the bank and a shortfall of funds could be over Rs 3,000 crore which could even rise when RBI completes the assessment.
As the investigation progresses, fears of depositors are coming true and it will be a long way till they get their money back.
The involvement of others involved in the scam could come to light once joint interrogation of the four accused happens.