Another Auditor Arrested In PMC Bank Scam
A closed PMC Bank ATM at Nahur West. (Source: BloombergQuint)

Another Auditor Arrested In PMC Bank Scam

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The Economic Offences Wing of Mumbai Police has arrested another auditor in connection with the alleged Rs 4,355 crore scam at the Punjab & Maharashtra Cooperative Bank, an official said. This is the eighth arrest in the case.

Anita Kirdat, a “concurrent auditor” of the bank, was arrested on Tuesday, a senior police official said. Her responsibility was to ensure a "systematic and timely examination" of the bank's financial transactions, he said.

Kirdat audited the bank's transactions monthly, but allegedly could not or did not point out irregularities in its processes. She was called for questioning and later arrested, the official said, adding that she was remanded in EOW custody by a local court till Nov. 18.

On Monday, the EOW had arrested two statutory auditors, Jayesh Sanghani and Ketan Lakdawala, in connection with the scam. They are suspected to have played a key role in covering up the irregularities in the bank.

The EOW suspects a nexus between some of the accused and realty group Housing Development & Infrastructure Ltd., whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of administrator and restrictions on withdrawal of funds.

Earlier, the EOW had arrested three top bank officials and two promoters of HDIL—Rakesh and Sarang Wadhawan— in the scam.

Also read: Monitoring Excess Deposit Withdrawals From Rural Lenders After PMC Bank Fraud, Says Nabard

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