PMC financial institution rip-off: Rajneet Singh, former director and son of ex-BJP MLA Sardar Tara Singh, arrested by Mumbai Police
Mumbai: One of many administrators of the scam-hit Punjab and Maharashtra Cooperative (PMC) Financial institution, Rajneet Singh, son of ex-Bharatiya Janata Celebration (BJP) MLA Sardar Tara Singh, was on Saturday arrested by the Mumbai Police’s Financial Offences Wing (EOW), an official stated.
Rajneet was taken into custody in night on the EOW workplace, as investigators discovered his replies on the mortgage granted to the realty group HDIL, which has didn’t repay, unsatisfactory and unconvincing, in response to the official. In addition to being a director, Rajneet is a member of the mortgage restoration committee of the financial institution, he stated.
Rajneet was questioned over the mortgage supplied by the financial institution to HDIL group of firms and the steps taken, if any, to get better the pending dues, the official added.
“Rajneet provided unsatisfactory and unconvincing explanations, which hints at his likely role in the scam,” he stated, including that Rajneet will likely be produced earlier than a vacation courtroom and his police remand will likely be sought.
To date, 9 individuals have been arrested in reference to the alleged Rs 4355-crore rip-off together with three prime financial institution officers and two promoters of HDIL —Rakesh and Sarang Wadhawan, and auditors.
The EOW suspects a nexus between among the accused and the realty group HDIL, whose mammoth mortgage defaults are stated to have triggered a liquidity disaster on the financial institution, resulting in appointment of administrator by RBI and restrictions on withdrawal of funds.
The EOW had earlier instructed a periods courtroom that prima facie a nexus between among the accused and HDIL group firms has been made out by the investigators who suspected a “deep-rooted conspiracy”. Six individuals had died as a result of lack of cash, it had stated.
Tara Singh had served because the MLA from Mulund constituency in Mumbai.
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