Twelve people, including top officials of the PMC Bank and HDIL, have so far been arrested by Mumbai Police's Economic Offences Wing (EOW) in connection with the PMC Bank scam.
The Economic Offences Wing (EOW) of Mumbai Police on Tuesday arrested three directors of Punjab & Maharashtra Cooperative (PMC) Bank in connection with the alleged Rs 4,355 crore fraud which is under investigation, an official said.
The protest, announced last weekend after a round of sit-ins outside the RBI headquarters, was held at the Azad Maidan, the designated agitating place located not far off from the central bank headquarters.
During the current inspection, PMC Bank has admitted to having a total exposure of Rs 6,226.01 crore (inclusive of interest accrued in the related accounts) as on March 31, 2019 to the HDIL group.
He further said the government should find "out-of-box" solution to redress the hardships being faced by all categories of depositors and the cooperative sector.
Economic Offence Wing (EOW) of the Mumbai Police has arrested Ranjeet Singh in connection with PMC Bank scam on Saturday. Singh is the former Director of PMC Bank and son of former BJP MLA Tara Singh.
"In the meeting, the commissioner assured us that the police will take every possible action to bring the culprits to book and recover the money of depositors," Singh said.
"PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) in New Delhi.
Punjab & Maharashtra Cooperative Bank (PMC Bank), which is among the top 10 urban cooperative banks, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans.
This is the fourth time the regulator has increased the withdrawal limit since it clamped down on PMC Bank on September 23, capping withdrawals at Rs 1,000 per customer, which led to a lot of distress and criticism. Last month the limit was enhanced to Rs 40,000 per account.
A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC bank directing them to indicate their stand on the plea which has sought 100 per cent insurance cover for customers' money deposited in the bank
A Mumbai court on Tuesday extended the ED custody of HDIL promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested in connection with Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank scam, till October 24.
Arora was last week arrested by Mumbai Police's Economic Offences Wing (EOW) in connection with the alleged Rs 4,355 crore scam. He was produced before metropolitan magistrate S G Shaikh, after his police remand ended on Tuesday. The court extended his police custody till Thursday.
Maharashtra: Punjab and Maharashtra Co-operative (PMC) Bank depositors stage a protest at Azad Maidan in Mumbai
Depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank held a protest outside the Reserve Bank of India (RBI) headquarters in south Mumbai on Saturday.
An 83-year-old depositor of the troubled PMC Bank died on Friday, with his family claiming that it could not raise money for his heart surgery after restrictions were imposed on fund withdrawals.
Officials had earlier quoted Rs 4,355 crore loan fraud by the bank. However, the total fraud amounts to over Rs 6,500 crore, contrary to the amount quoted by the corrupt officials who were involved in the scam.
Promoters of real estate group HDIL, Rakesh and Sarang Wadhawan, who are the prime accused in the PMC Bank scam, have requested the RBI and investigation agencies to sell off their assets, including a yacht, a Rolls Royce and an aircraft, to pay off the bank's dues.
Around 50 depositories of the scam-hit Punjab and Maharashtra Cooperative Bank staged a protest outside the RBI demanding revoking restrictions on cash withdrawal, currently capped at Rs 40,000 over a six-month period.
Former Director of PMC Bank S Surjit Arora has been arrested by Economic Offences Wing (EOW) of Mumbai Police.
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