Two Directors Of PMC Bank Sent To Police Custody Till Dec. 11
Customers read a notice issued by RBI on the shutters of a PMC Bank ATM in Mumbai. (Photo: BloombergQuint)

Two Directors Of PMC Bank Sent To Police Custody Till Dec. 11


A court in Mumbai on Wednesday remanded in police custody till Dec. 11, two directors of the Punjab & Maharashtra Cooperative Bank, arrested in connection with the ongoing probe of a Rs 4,355 crore scam at the bank.

The Economic Offences Wing of the Mumbai Police had arrested three PMC Bank directors- Jagdish Mookhey, Mukti Bavisi and Trupti Bane- on Tuesday.

Of them, Mookhey and Bane were produced before chief metropolitan magistrate court, which remanded them in police custody till Dec. 11.

Bavisi could not be produced before the court on Wednesday as she was admitted to a hospital for treatment, a police official said.

Also read: Another Auditor Arrested In PMC Bank Scam

With the arrest of Mookhey, Bane and Bavisi, the total number of persons arrested in the case has gone up to 12.

The trio was arrested following extensive interrogation in connection with credit facilities provided by the bank to the Housing Development & Infrastructure Ltd. and its group companies.

Mookhey was a director of the bank and member of its audit committee since 2005, whereas Bavisi was a director and member of its loans and advances committee since 2011.

Bane was a member of the loan recovery committee for the period between 2010 to 2015, and of loans and advances committee since 2015.

On Nov. 16, the EOW had arrested another director, Rajneet Singh, son of former Bharatiya Janata Party Member of Legislative Assembly Sardar Tara Singh.

Those arrested earlier included three top bank officials and two promoters of real estate group HDIL- Rakesh and Sarang Wadhawan- and auditors.

The EOW suspects a nexus between some of the accused and HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of administrator by RBI and restrictions on withdrawal of funds.

Also read: PMC Bank Fallout: What’s ‘As Safe As A Bank’?

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