Published 11:05 IST, October 4th 2019

PMC Bank crisis: ED files case against officials, carries out raids

Amid the PMC Bank crisis, Enforcement Directorate filed an ECIR against the bank officials in the fraud. Raids are being conducted in six locations in Mumbai

Reported by: Monica Aggarwal
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In a major development amid Punjab and Maharashtra Cooperative (PMC) Bank crisis, Enforcement Directorate on Friday filed an Enforcement Case Information Report (ECIR) in bank fraud, after taking cognisance of FIR filed by Mumbai Police's Ecomic Offences Wing (EOW). In FIR, ED has named PMC board members and HDIL (Housing Development and Infrastructure Limited) promoters as accused. Amid crackdown, ED officials are searching six locations in Mumbai and joining areas in money-laundering case. 

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HDIL directors arrested

This development has come a day after Mumbai Police's EOW arrested HDIL directors Sarang Whawan and Rakesh Kumar Whawan. As per sources,  property worth Rs 3500 Crores was also seized by police. On Monday,  EOW h registered an FIR against senior officials of PMC Bank and HDIL in connection with a fraud of over Rs 4,355 crores. Police stated that a special investigation team has been formed to probe matter. According to police, PMC Bank officials gave loans to HDIL between year 2008 and August 2019, despite m t paying previous loans. FIR has been registered on complaint given by Jasbir Singh Matta, who was authorized by RBI ministrator with Mumbai Police

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RBI extends limit

On Thursday, RBI enhanced withdrawal limit for depositors of PMC bank Ltd to Rs 25,000 per account from 10,000, which was extended earlier. RBI h capped withdrawal limit at Rs 1,000, but late, it increased it to Rs 10,000 per account. In a statement released by bank, relaxation in withdrawal amount will help depositors to withdraw ir entire account balance. It also stated that  Reserve Bank is monitoring position of bank and will continue to take necessary steps in interest of depositors.

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10:13 IST, October 4th 2019