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Mumbai Police Arrest Three Directors of PMC Bank in Rs 4,355 Crore Scam Probe

The three arrested include Jagdish Mookhey, a member of the bank's audit committee, Mukti Bavisi, a member of its loans and advances committee, and Trupti Bane, a part of the loan recovery committee,


Updated:December 3, 2019, 10:59 PM IST
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Mumbai Police Arrest Three Directors of PMC Bank in Rs 4,355 Crore Scam Probe
Image credit: News18 Creative/Mir Suhail

Mumbai: The Economic Offences Wing (EOW) of Mumbai Police on Tuesday arrested three directors of Punjab & Maharashtra Cooperative (PMC) Bank in connection with the ongoing probe of a Rs 4,355 crore scam.

The arrest took the number of persons arrested in the case to 12.

Jagdish Mookhey, Mukti Bavisi and Trupti Bane were arrested following extensive interrogation in connection with credit facilities provided by the bank to Housing Development and Infrastructure Limited (HDIL) and its group companies, an EOW official said.

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

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

The trio will be produced before a court on Wednesday. On November 16, the EOW had arrested another director, Rajneet Singh, son of former BJP MLA 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.

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