India arrested the head of a bankrupt realty company on Thursday after lender Pu...
MUMBAI - India arrested the head of a bankrupt realty company on Thursday after lender Punjab and Maharashtra Co-operative Bank accused executives of partaking in a “criminal conspiracy” involving forged audit reports that cost the bank some 43.55 billion rupees .
In the latest case to roil India’s banking sector, PMC made a police complaint accusing its own executives and officials at Housing Development and Infrastructure Limited of misleading the Reserve Bank of India from 2008 to August 2019 by forging the audits to hide the fact that big accounts had become non-performing assets.
Depositors have been informed they can only withdraw a maximum of 10,000 rupees from their PMC accounts over the next six months. On Tuesday, dozens of account holders gathered outside an RBI office in Mumbai to protest against the curbs and demand that the central bank and government intervene to release their funds.
Reuters was not immediately able to contact the two Wadhawans. HDIL did not immediately respond to a request for comment.
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