PMC Bank depositors say assets seized from Wadhwans worth more than deposits
Shiv Kumar
Tribune News Service
Mumbai, June 22
Deposit-holders at the troubled Punjab and Mumbai Co-operative Bank say assets seized from the bank’s directors and its biggest borrowers, the Wadhwans of the bankrupt HDIL, are worth double their funds held by the financial institution.
“The Enforcement Directorate and the Economic Offences Wing (of the Mumbai Police) have seized assets and properties worth Rs 10,000 crores from HDIL/Wadhwans and the bank’s directors Waryam Singh and Joy Thomas,” says Manjeet Singh Sabharwal of the PMC Depositors Action Team.
According to Sabharwal, the depositors, who include NRIs from the US and Canada, have put several options before the government and the Reserve Bank of India to help them recover their money from the fraud-hit bank.
“One option is a bailout package of minimum Rs 5000 crores from either the government or the Reserve Bank of India so that the PMC Bank can resume business operations,” he said.
The depositors have also suggested pledging the assets seized from the PMC Bank’s directors and borrowers with NBFCs for raising capital to revive the bank.
Sabharwal felt that assets seized by the agencies could be put up for auction so that high-net worth individuals and foreign investors could bid for them.
According to the depositors more than 23 of those with money in the bank have either committed suicide or died of heart attacks after the bank went bust.
The PMC Bank depositors body have compiled a list of moveable and immoveable properties in Mumbai and other parts of Maharashtra, UP and Hyderabad that have been seized by the agencies.
Apart from buildings and plots, two airplanes, a luxury yacht, several high-end cars and expensive diamond jewellery have been seized from the Wadhwans and the directors of the PMC Bank, according to the depositors.
