Finance Minister's statement says, "78% depositors can withdraw their entire money"

Dec 02 2019 04:55 PM
Finance Minister's statement says,

New Delhi: PMC Bank (Punjab and Maharashtra Cooperative Bank) came into the limelight today when Finance Minister Nirmala Sitharaman made a statement on this matter in the Lok Sabha. Finance Minister Nirmala Sitharaman said in the Lok Sabha about the Punjab and Maharashtra Cooperative Bank scam that 78% depositors of the bank are now allowed to withdraw their entire amount from the bank. She said that as far as the bank's promoters are concerned, we have ensured that their confiscated assets can be given to the Reserve Bank of India (RBI) with certain conditions so that these assets can be auctioned and the amount received can be given to the depositors.

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The Mumbai Police's Economic Offenses Wing arrested two auditors last month in the Punjab and Maharashtra Cooperative Bank (PMC Bank) scam. So far seven arrests have been made in this case. Five people, including the bank's top management and promoters of HDIL, were arrested earlier. At the time of the scam at PMC Bank, both auditors Jayesh Sanghani and Ketan Lakdawala were working as auditors and played an important role in hiding irregularities with some of the bank's top executives. The decade had been going on.

According to investigating officials, bank management, led by Joy Thomas, had opened thousands of fake accounts to fund construction company HDIL. The game went on for about 10 years. The regulator initially learned that Thomas and some of the management had together given Rs 4,226 crore (73 % of the bank's total debt) to only one company, HDIL, which went bankrupt.

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