PMC Bank Crisis Affects Gurudwaras Preparing For 550th Prakash Purab

General News

10 gurdwaras have saved a big amount in the PMC bank to commemorate the 550th Prakash Purab of Guru Nanak Dev. According to SS Kohli, 50% amount should be given

Written By Misha Bhatt | Mumbai | Updated On:
PMC Bank

The withdrawal limit of Punjab and Maharashtra Co-operative bank has affected the grand preparations for the 550th Prakash Purab (birth anniversary) of Guru Nanak Dev. Reportedly, a minimum of 10 gurdwaras have deposited a significantly large sum of money in the bank to commemorate the birth anniversary of Guru Nanak Dev Ji.

'50% amount should be returned'- SS Kohli

While talking to a news agency on the issue, Chandigarh Gurudwara Prabhandak Committee president SS Kohli said, "If I am not wrong, I believe that a huge amount of funds belonging to different Gurudwara Management Committees were parked with this bank (PMC Bank) in controversy."

READ | Akali Dal leader Manjinder Sirsa on PMC scam

SS Kohli has requested the Reserve Bank of India (RBI) to immediately release 50 percent of the amount deposited in the PMC Bank. 

"If not full then at least 50 per cent of amount lying as deposits, saved in the bank, should be released immediately as a special case," he said. 

On October 7, Shiromani Akali Dal (SAD) had demanded the RBI to take over the operations of the PMC Bank. They had also said the money of all the account holders should be returned to them. SAD had asked the authorities to freeze all the assets of the promoters of Housing Development and Infrastructure Limited (HDIL) -- Rakesh and Sarang Wadhawan.

PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. The bank has a total of 137 branches. The bank also ranks among top10 co-operative banks in India.

READ | Ex-MD of PMC Bank sent to police custody till Oct 17

The scam 

An FIR was registered against the top officials of the PMC Bank and the promoters of the Housing Development and Infrastructure Limited  (HDIL). As per the prosecution, the bank kept giving loans to the debt-ridden HDIL for the period of 11 years, from 2008 to 2019, while the past loans remained unpaid. Multiple sections of the Indian Penal Code (IPC) such as criminal breach of trust, cheating, and forgery have been invoked against the accused. Along with Thomas, the promoters of HDIL, Rakesh and Sarang Wadhwan were arrested and sent to police custody till October 9. Out of 44 accounts, a total of 10 were linked to HDIL. These included the personal bank accounts of the accused,  Rakesh and Sarang Wadhwan.

READ | PMC Bank crisis: Former chairman Waryam Singh sent to police custody

READ | PMC Bank Crisis: ED attaches HDIL promoters' private jet and jewellery

(With inputs from ANI)

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