Police file FIR against PMC Bank, HDIL officials; SIT formed
Mumbai, Sep 30: The Mumbai Police on Monday filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Cooperative Bank case and said a special investigation team will be probing the case.
Based on a complaint by RBI-appointed administrator, the city police's Economic Offences Wing filed a first information report (FIR) in the case for forgery, cheating and criminal conspiracy against the officials.
As per initial investigations, the bank's losses since 2008 were Rs 4,355.46 crore, police said.
The bank's former chairman Waryam Singh, managing director Joy Thomas and other senior officials, along with the director of HDIL, Wadhawan, have been named in the FIR. First name of Wadhawan was not immediately available.
Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank's Bhandup branch.
Despite non-payment, the bank officials did not classify the loans as non performing advances and intentionally hid the information about the same from RBI, an official statement from the police said.
They also created fictitious accounts of companies which borrowed small sums of money, and created fake reports of the bank to hide from the regulatory supervision, it said.
The FIR has been filed under sections 409 (criminal breach of trust by a public servant or banker), 420 (cheating), and 465, 466 and 471 (related to forgery) of the Indian Penal Code along with 120 (b) (criminal conspiracy).
The bank, which has 137 branches and over Rs 11,000 crore in deposits, has been put under restrictions since last week after the RBI discovered certain financial irregularities in the functioning of the multi-state lender.
According to sources, the overall exposure of the bank to the financially stressed HDIL group is around Rs 6,500 crore or over 73 per cent of the advances, and all of it is not being serviced.
Under the restrictions, which are to be applicable for six months, a depositor is able to withdraw only Rs 10,000 per account. It can also not take fresh deposits or extend any new loans.
The restrictions have led to a massive public outcry with people thronging the branches for their money. The RBI has said that 60 per cent of the accounts have balances under Rs 10,000 and will not be impacted by the measures.
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Karnataka launches state-led Centre of Excellence for Space Technology in Bengaluru
Bengaluru (PTI): In a significant boost to India’s rapidly expanding space economy, the Karnataka government on Friday launched the country’s first state-led Centre of Excellence for Space Technology here, officials said.
The initiative is aimed at strengthening India’s capabilities to translate space innovation into scalable commercial outcomes, they said.
The Centre, established by the Government of Karnataka through the Karnataka Innovation and Technology Society in collaboration with SIA (Satcom Industry Association India) -India, was inaugurated by Minister for Electronics, IT/BT, and Rural Development and Panchayat Raj, Priyank Kharge, in the presence of senior officials and industry leaders, officials said.
Speaking at the launch, Minister Kharge said that Karnataka has consistently been at the forefront of India's technology and innovation journey. With the launch of this Centre of Excellence for Space Technology, we are extending that leadership into one of the most strategic sectors of the future.
"Our focus is not just on advancing research, but on creating an ecosystem where innovation can translate into real-world applications, economic growth, and high-quality jobs. This Centre will play a critical role in positioning Karnataka as a key driver of India's space economy," he said.
According to an official statement, the CoE SpaceTech Foundation has been established under a Memorandum of Agreement between KITS and SIA-India to drive research and innovation in space technologies, industry-aligned training, startup incubation and cross-sector applications, it said.
The Centre has also formalised strategic MoUs with multiple industry and academic partners to support research in space biotech and microgravity, enable collaboration, build talent pipelines, and provide startups with training and market access, it added.
