Mumbai: A Mumbai court on Sunday said the former chairman of the troubled Punjab and Maharashtra Cooperative Bank Limited (PMC) S.K. Varyaam Singh has been reached in police custody till 9 October. Mumbai Police's Economic Crime Branch (EOW) arrested Varyam Singh from Mahim late Saturday and was produced before the Magistrate Court on Sunday.

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Police have said that they will be questioned in connection with the alleged misappropriation of Rs 4,335 crore related to Housing Development and Infrastructure Limited (HDIL). Earlier, in the case on Thursday, the police arrested Rakesh Kumar Wadhavan, chairman and managing director of HDIL and Sarang Wadhawan, and seized his assets worth Rs 3,500 crore.

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The police told the court that since Varyam Singh was the chairman of PMC bank as well as the executive director of HDIL, the police wanted to sit with the other accused and ask them face to face questions. Varyaam Singh's lawyer V. Krishna said that his client has surrendered on his own free will and has been falsely publicized stating that he has been arrested by the police. Krishna also said that Varyaam had nothing to do with the work that took place in the bank.

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