PMC Bank to be 'up and running' in a month: EOW assures Sanjay Nirupam

The EOW has already arrested promoters of HDIL group Rakesh Wadhawan and his son Sarang, former PMC Bank chairman Waryam Singh and former managing director of the bank Joy Thomas after the alleged Rs 4,355 crore scam came to light

Congress leader Sanjay Nirupam on Thursday said the Economic Offences Wing (EOW) of Mumbai Police has assured that the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank will be "up and running" in a month's time and its current account transactions will start "soon".

Taking to Twitter after a meeting with the EOW officials here, the former MP said the current account transactions at the bank will start "soon". "Good news for #PMCBank depositors! Auction of #HDIL property to take place in few weeks under sarfaesi act. In next one month bank will be up & running. Current account transactions to start soon. #EOW chief Rajyawardhan assured us today in our meeting.

#PMCBankScam," Nirupam tweeted. The Congress leader was referring to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (Sarfaesi) Act, which allows banks and other financial institutions to auction residential or commercial properties (of defaulters) to recover loans.

The EOW has already arrested promoters of HDIL group Rakesh Wadhawan and his son Sarang, former PMC Bank chairman Waryam Singh and former managing director of the bank Joy Thomas after the alleged Rs 4,355 crore scam came to light.

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