PMC Bank Case: Enforcement Directorate today raided six locations in Mumbai and adjoining areas
The Enforcement Directorate today raided six locations in Mumbai and adjoining areas and registered a money laundering case to investigate alleged fraud in the Punjab and Maharashtra Cooperative or PMC Bank case, officials said.
They said the raids were being conducted after a criminal compliant was filed under the Prevention of Money Laundering Act by the central probe agency.
The Enforcement Directorate case is based on an FIR filed by the Economic Offences Wing or EOW of Mumbai police.
The raids are aimed at gathering additional evidence, sources in the Enforcement Directorate told news agency Press Trust of India.
Probe agency ED and Mumbai Police's case is against former bank management and promoters of the Housing Development Infrastructure Limited or HDIL.
Based on a complaint by a Reserve Bank of India or RBI-appointed administrator, the police complaint was filed earlier this week on charges of forgery, cheating and criminal conspiracy against the officials.
According to the initial investigation, police said, PMC Bank's losses since 2008 were Rs 4,355.46 crore.
PMC Bank's former Chairman Waryam Singh, Managing Director Joy Thomas and other senior officials, along with a director of HDIL, have been named in the FIR.