Mumbai, October 5: The former chairman of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank Waryam Singh has written to Economic Offences Wing (EOW) that will surrender on Saturday and cooperate in the investigations, reported Mumbai Mirror. On Friday, former managing director of PMC bank Joy Thomas was arrested by the Mumbai Police in connection to the Rs 4,355 crore cheating case. PMC Bank Crisis: Joy Thomas, Suspended Bank Chief, Admits to Have Hid Info About Stressed HDIL Accounts From RBI.

In a letter addressed to Parag Manere, the DCP of EOW, Singh wrote: "I, Waryam Singh, ex-Chairman of Punjab and Maharashtra Cooperative Bank, will be surrendering myself to the Economic Offences Wing (Banking) today evening." PMC Bank Crisis to Impact Maharashtra Assembly Elections 2019? Depositors Seek Access to Their Money with Placards Saying 'No Solution, No Vote'.

Waryam Singh's letter to EOW:

Earlier on Friday, the Enforcement Directorate (ED) had launched a separate investigation for money-laundering. The agency also carried out raids in six locations in Mumbai.

The Mumbai Police First Information Report (FIR) has named Joy Thomas, Waryam  Singh, the Wadhawans and other senior officials and a Special Investigation Team (SIT) has been formed to investigate the case.

On September 24, the Reserve Bank of India (RBI) slapped six-month sanctions limiting the PMC Bank from carrying out a majority of its routine transactions, sparking enormous panic among depositors and shocking the banking and corporate circles before the festive season.

(The above story first appeared on LatestLY on Oct 05, 2019 04:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).