Former PMC Bank Director Arrested After Questioning Over Scam

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PMC Financial institution Rip-off: Surjit Singh Arora was a director at PMC Financial institution and was additionally on the financial institution’s mortgage committee

New Delhi: 

A former director of the Punjab and Maharashtra Financial institution or PMC Financial institution, mired in controversy after a multi-crore rip-off, was arrested at the moment by Mumbai police’s Financial Offences Wing or EOW. Surjit Singh Arora was earlier known as in for questioning by the Mumbai police’s Financial Offences Wing. Surjit Singh Arora was a director on the PMC Financial institution and was additionally on the financial institution’s mortgage committee, in response to an official, reported information company PTI.

Surjit Singh Arora was questioned by the Particular Investigation Crew of the Financial Offences Wing. The EOW mentioned it was attempting to get data on the financial institution’s mortgage disbursement course of.

We try to get sure particulars in regards to the financial institution’s mortgage disbursement course of,” an official was quoted as saying by PTI.

The disaster on the cooperative financial institution was set off after actual property agency HDIL defaulted on loans from PMC Financial institution value Rs four,355 crore.

The PMC Financial institution has been positioned beneath “instructions” by the Reserve Financial institution of India (RBI) since final month. Because of this depositors’ withdrawals have been capped. The central financial institution on Monday raised withdrawal restrict for account holders of PMC Financial institution to Rs 40,000 from the sooner withdrawal restrict of Rs 25,000.

Nervous depositors of the financial institution, which has deposits of over Rs 11,000 crore, have been protesting throughout Mumbai. Final week, they protested on the website of Finance Minister Nirmala Sitharaman’s press convention. Later, they met Ms Sitharaman, who subsequently urged the RBI Governor to look into the considerations of the purchasers.

4 folks, together with promoters of HDIL to which PMC Financial institution made the bitter loans, and the financial institution’s former chairman and ex-managing director have up to now been arrested in reference to the newest banking fraud case to spook the nation’s depositors and buyers.

The PMC case has sparked renewed considerations in regards to the well being of India’s troubled banking sector, which has been rocked by a multi-billion greenback fraud at a state-run lender, the collapse of a serious infrastructure lender, unhealthy loans at state-run banks and a liquidity squeeze that has hit shadow lenders.

(With Inputs From PTI)

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