PMC Bank scam: fugitive ex-manager arrested in Bihar


Former director of Punjab and Maharashtra Cooperative (PMC) Bank Daljit Singh Bal has been apprehended by the Economic Crimes Wing (EOW) of the Mumbai Police in Bihar, an official said on Thursday.

Bal, who is wanted in the PMC Bank scam case, was arrested in Raxaul, eastern Champaran, near the Indo-Nepal border, the official said.

The Mumbai Police EOW, which is investigating the multi-crore scam, had issued a lookout for Bal and 10 former directors of the bank.

Bal will be stopped by Mumbai by tonight, he said.

The fraud at PMC Bank came to light in September 2019 after the RBI gave directions to the urban co-operative bank and placed a trustee. The bank was found to have set up fictitious accounts to hide over Rs 6,700 crore in loans given to the nearly bankrupt HDIL.

The EOW and the Enforcement Directorate (ED) have registered cases against senior bank officials and HDIL promoters.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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