A startling remark has been discovered after an investigative team made a revelation on PMC bank records. It has been discovered that a total of Rs. 10.5 crore cash has been missing from the bank’s record and multiple cheques issued by HDIL and many other entities that were never deposited with the bank and yet cash was handed over to him.
It has been noticed that there was no record mentioned of the Rs. 10 crores and above and no accounting for another Rs 50-55 lakh. The loan fraud amount has now crossed a value of Rs. 6,500 crore now.
The bank was clueless about the Rs. 10 core cash and the entire incident came to their notice only after an internal inquiry was taken forward. The inquiry was conducted on the orders of an RBI-appointed administrator.
It has come under the light that the HDIL and group companies wanted the cash and cheques over the past two years to the bank’s then former Managing Director, Joy Thomas. Thomas has collected the cash but he hasn’t deposited it with the bank. The entry of the cheque is not reflected in the bank’s record book. He is suspected to have pocketed Rs. 50 lakh to Rs 55 lakh.
He along with the loan committee members had sanctioned loans to HDIL and its directors Rakesh and Sarang Wadhawan and all the three have been arrested.
“The loan fraud amount has jumped to more than Rs 6,500 crore( from Rs 4,355 crore)” says an official.