Ex-director arrested in PMC Bank scam case

Mumbai, February 3

Former director of Punjab and Maharashtra Cooperative (PMC) Bank Daljit Singh Bal was apprehended by the Mumbai Police’s Economic Offences Wing (EOW) in Bihar, an official said on Thursday.

Accused created fake accounts

The fraud came to light in September 2019
The bank had created ‘fictitious’ accounts to hide Rs6,700-cr bad loans

Bal, who is wanted in the PMC Bank scam case, was arrested at Raxaul in east Champaran close to the India-Nepal border, the official said.

The EOW of the Mumbai police, which is probing the multi-crore scam, had issued a lookout notice against Bal and 10 former directors of the bank. Bal will be taken into custody by the Mumbai by this evening, he said. The fraud at PMC Bank came to light in September 2019 after the RBI placed directions on the urban co-operative bank and placed an administrator. It was found the bank had allegedly created fictitious accounts to hide over Rs 6,700 crore in loans given to the almost-bankrupt HDIL.

Cases were registered against senior bank officials and HDIL promoters. —