Mumbai: Mumbai Police's Economic Offences Wing (EOW) has arrested Ranjit Singh, a director of the Punjab and Maharashtra Cooperative (PMC) bank scam, on Saturday. He is the son of former BJP MLA Sardar Tara Singh. According to officials, Ranjit was taken into custody in the EOW office in the evening.
In fact, investigators found that their replies on loans given to realty group HDIL are unsatisfactory and not trustable. HDIL failed to repay the amount. Officials said, apart from being a director of the bank, Ranjit is also a member of the Loan Recovery Committee of the bank. Nine persons have been arrested so far in connection with the alleged 4355 crore rupee scam.
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Financial fraud in PMC Bank had been going on for nearly a decade. Investigating officials say the bank management led by Joey Thomas had opened thousands of dummy accounts to fund construction company HDIL. The game had been going on for about 10 years. The regulator had initially revealed that Thomas and some management people had teamed up to give Rs 4,226 crore (73% of the bank's total loan) to only one company HDIL, which has now gone bankrupt.
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The bank's insolvency was pit and the RBI banned its functioning. He had set a limit on the withdrawal of depositors ' money. Then came out that the scam is not 4,226 crores, but Rs. 4,355 crores. The bank's internal investigation team has made a startling disclosure in the Punjab and Maharashtra Cooperative (PMC) Bank scam case. The team has said that a total of Rs 10.5 crore cash is missing from the bank's records. After investigation, the PMC Bank loan scam is not Rs. 4,355 crores, but more than Rs. 6500 crores.
