PMC Bank scam: ED attaches 3 hotels worth Rs 100 crore

PMC Bank scam: ED attaches 3 hotels worth Rs 100 crore

The fraud at PMC Bank came to light in September last year after the Reserve Bank of India (RBI) discovered that the bank had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to the almost-bankrupt HDIL.

The Enforcement Directorate (ED) on September 18 provisionally attached three hotels in New Delhi worth around Rs 100 crore under the Prevention of Money Laundering Act (PMLA) 2002, in connection with the Punjab and Maharashtra Cooperative (PMC) Bank case.

As per the investigation, the proceeds of crime of Rs 247 crore were fraudulently obtained by Libra Realtors and Deewam Realtors from PMC Bank in the guise of loans, which the ED said are a part of the Rs 6,117 crore owed to PMC by the HDIL Group.

According to the RBI, the bank masked 44 problematic loan accounts, including those of HDIL, by tampering with its core banking system, and the accounts were accessible only to limited staff members.

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