Did Not Know About Loans To HDIL, Says PMC Bank Director
A closed PMC Bank ATM at Nahur West Benny. (Source: PTI)

Did Not Know About Loans To HDIL, Says PMC Bank Director


Surjit Singh Narang, one of the directors of crisis-hit Punjab & Maharashtra Cooperative Bank, has claimed in his pre-arrest bail plea that he was not aware of the loans given by the bank to the Housing Development Infrastructure Ltd.

The Economic Offences Wing of Mumbai Police has arrested five people in the Rs 4,355 crore PMC Bank scam, including promoters of realty group HDIL and top bank officials.

Narang, 71, has filed an anticipatory bail application before additional sessions judge S T Soor in Mumbai.

The FIR registered by the EOW did not name him, but it was "wide enough" to include him, his plea said.

He was one of the promoters and shareholders of the bank, but not involved in its "day-to-day operations", it said.

He was not aware of the loans given to HDIL, and there was nothing to show that he was connected with alleged "falsification of records and concealment of information" (to hide these loans), Narang said.

As per the EOW, the bank management concealed from the banking regulator's scrutiny huge loan defaults by HDIL group firms, replacing 44 loan accounts of the group with 21,049 fictitious accounts.

Besides Narang, another director of the bank, Parmeet Sodhi, has also sought pre-arrest bail. Both the pleas would be heard on Nov.8.

Also read: Withdrawal Limit For PMC Bank Depositors Hiked To Rs 50,000

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