Sanjay Gulati, Who Lost Job At Jet Airways And Money At PMC Bank, Dies Of Heart Attack
PMC Bank customers stage a protest outside the Killa Court, where the accused of the bank scam were being produced, in Mumbai. (Source: PTI)

Sanjay Gulati, Who Lost Job At Jet Airways And Money At PMC Bank, Dies Of Heart Attack


A 51-year-old Mumbai resident whose deposit of over Rs 90 lakh was stuck with the fraud-hit Punjab and Maharashtra Cooperative Bank died of a heart attack, hours after taking part in a protest by bank customers who are seeking their money back.

Sanjay Gulati, the deceased, had lost his job at Jet Airways (India) Ltd. when the airline was grounded in April, his family said. He also had a specially-abled child to support.

Gulati and his 80-year-old father CL Gulati participated in the PMC Bank protests in South Mumbai on Monday morning. Later, while having a late lunch at his house in suburban Oshiwara, Sanjay collapsed, his family said. He was rushed to a hospital where he was declared brought dead. The cause of death was given as cardiac arrest.

"He had lost his job recently and was extremely stressed for the last few days after the bank crisis. He feared we will not get any of our money back," wife Bindu Gulati told reporters on Tuesday.

The family was struggling to pay tuition fees for their specially-abled son who needs special education and special medical attention, entailing high expenditure, she said.

Sanjay's father said they had a deposit of over Rs 90 lakh with PMC Bank, and also a recurring deposit account for the children.

Following the discovery of a more than Rs 4,000 crore fraud at PMC Bank, which has deposits of over Rs 11,000 crore, the Reserve Bank of India last month appointed an administrator over it, and capped withdrawals at Rs 1,000. On Monday evening, the withdrawal limit was hiked to Rs 40,000, with the Reserve Bank of India saying that it will give relief to 77 percent of depositors.

Also read: PMC Bank Case: How Easy Is It To Manipulate The Core Banking System?

Real estate firm Housing Development & Infrastructure Ltd. allegedly accounted for 70 percent of the bank's Rs 9,000 crore advances. According to the Mumbai Police's Economic Offences Wing, HDIL's loans turned non-performing, but the bank management shielded this huge exposure from RBI's scrutiny.

The EOW has arrested four persons, including HDIL promoters and former top officials of the bank.

Depositors confronted Finance Minister Nirmala Sitharaman during her visit to Mumbai last week, seeking assurance that their money was safe.

Manali Narkar, one of the agitating depositors, said Gulati participated in the protest and went home a dejected man. "What else we can do? We have nowhere to go to get our hard-earned money back, nor do we have any concrete assurances," she said.

The depositors have planned a candlelight march on Tuesday evening in Gulati's memory.

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