PMC Case: Ex-Director Arrested, Bank Administrator Meets RBI Brass

SC has agreed to hear a plea seeking directions for interim protective measures for insuring customers of the bank.

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PMC bank account holders protest in Mumbai. 
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The Economic Offences Wing (EOW) of Mumbai Police arrested Surjit Singh Arora, one of the former directors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank on Wednesday, 16 October, after he was questioned earlier in the day.

Arora was questioned by a special investigation team (SIT) of the EOW at the city police headquarters, an official cited by PTI.

Arora was a director of the PMC Bank and was also on its loan committee, he said.

"We are trying to get certain details about the bank's loan disbursement process," the official said.

Meanwhile, the PMC bank’s administrator on Wednesday also met the top RBI officials, including Governor Shaktikanta Das.

"It was assured that the bank will make all efforts to safeguard the interests of depositors and other stakeholders," a statement from JB Bhoria, who was placed as the administrator last month by RBI, said, reported PTI.

It also informed that the bank is in the process of recasting its balance sheet to present a "true and fair picture", according to the press release from Bhoria.

PMC Matter in SC on 18 October

The PMC matter also reached the Supreme Court on Wednesday, as it agreed to hear on 18 October a plea seeking directions for interim protective measures for insuring around 15 lakh customers of the bank.

Earlier in the day, a Mumbai court remanded two top HDIL officials and PMC Bank's former chairperson in judicial custody till 23 October in connection with the Rs 4,355-crore scam.

The three accused – HDIL chairperson and managing director Rakesh Wadhawan, his son Sarang Wadhawan and PMC Bank's former chairperson Waryam Sungh – were produced before Metropolitan Magistrate SG Shaikh as their custody ended on Wednesday.

(With inputs from PTI.)

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