
The Bombay High Court has granted bail to Waryam Singh Kartar Singh, a prime accused in the ₹6,670 crore fraud at Punjab and Maharashtra Cooperative (PMC) Bank. Here’s a breakdown of the key points:
Background:
Waryam Singh Kartar Singh, the former chairman of PMC Bank, was a prime accused in a fraud case amounting to ₹6,670 crores. The alleged fraud took place at PMC Bank, a multi-state cooperative bank.
Reason for Bail:
The court, under the jurisdiction of Justice MS Karnik, granted bail to Waryam Singh primarily because he had already spent over 4 years and 3 months in custody, and charges were yet to be framed against him. The court emphasized that pretrial punishment should not lead to indefinite incarceration.
Conditions for Release:
The court ordered Singh’s release upon furnishing a personal bond of ₹1 lakh and one or more local sureties of the same amount. Additionally, Singh is directed not to leave Mumbai without prior permission from the trial court and is required to attend the trial regularly.
Allegations and Charges:
The Economic Offences Wing (EOW) of the Mumbai police registered an offence related to the alleged fraud at PMC Bank. According to the Reserve Bank of India (RBI), PMC Bank masked problematic loan accounts, mainly to Housing Development and Infrastructure Limited (HDIL), amounting to ₹7,457.49 crore. The EOW alleged that Singh, before becoming PMC Bank chairman, served on the HDIL board and extended loans to HDIL group companies without following proper procedures, putting the savings of around 12 lakh depositors at risk.
Singh’s Health Conditions:
While the court acknowledged the seriousness of the allegations, it also considered Singh’s health conditions. The 73-year-old was reported to be suffering from ailments such as Cervical Spondylosis, slipped disk, and heart-related issues.
In summary, the Bombay High Court’s decision to grant bail to Waryam Singh takes into account the prolonged period of incarceration without charges being framed and considers the accused’s health conditions.