Mumbai: A Mumbai Court on Sunday remanded to police custody till October 9 the former Chairman of the crisis-hit Punjab & Maharashtra Cooperative Bank Ltd., S. Waryam Singh, officials said.
Waryam, who was nabbed by the Economic Offences Wing (EOW) of Mumbai Police from his hiding place in Mahim late on Saturday, was produced before a magistrate court on Sunday.
Singh, 68, was missing since the irregularities in the PMC Bank tumbled out two weeks ago, and was traced to a location in Mahim where he was in hiding and picked up.
Police said that he will be interrogated for his prima facie involvement in the alleged Rs 4,335 crore fraud case concerning the Housing Development & Infrastructure Ltd. (HDIL).
Hours before his arrest on Saturday, Singh created a flutter by sending a signed, type-written letter to the EOW DCP Parag Manere, stating that he planned to surrender before the EOW by evening and also willing to cooperate.
However, the police team, which was already watching his Andheri residence, quickly got cracking to flush him out of his hiding place near Mahim Church and arrested him.