PMC Bank scam: No relief from Bombay HC, protest continues for 57 days

Punjab and Maharashtra Co-operative (PMC) Bank depositors are still protesting on ro for ir own money, and this time it was outside Bombay High Court. On Tuesday, a division bench of Justices SC Dharmhikari and RI Chagla was hearing petitions filed by bank depositors, challenging restrictions imposed by RBI on withdrawals. RBI filed a detailed affidavit and also provided affidavit copy to petitioners regarding steps to be taken for protecting interest of customers.

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'We cant come to a conclusion'

During hearing, HC said, "We will do its arguments once completed reing with RBI reply mentioned in its affidavit and filed today. We cant come to any conclusion." court furr stated, "50,000 is limit from RBI, anyone wants to extend ir limit, can go to RBI, submit a letter and discuss your problems with RBI. court will t interfere in this." During arguments, depositors' counsel remarked, "Even RBI is involved in PMC Scam with Rakesh and Sarang Whawan".

HC has journed hearing till December 4.

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9 persons arrested

On Saturday, One of directors of scam-hit PMC Bank, Rajneet Singh, son of ex-Bharatiya Janata Party (BJP) MLA Sardar Tara Singh, was arrested by Mumbai Police's Ecomic Offences Wing (EOW). So far, 9 persons have been arrested in connection with alleged Rs.4355 crore scam including three top bank officials and two promoters of Housing Development Infrastructure Ltd (HDIL)- Rakesh and Sarang Whawan, and auditors. EOW h earlier told a sessions court that prima facie, a nexus between some of accused and HDIL group companies has been me out by investigators who suspected a "deep-rooted conspiracy".

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Probe ncies seek monetisation

RBI placed PMC Bank under restrictions after an Rs.4,355 crore scam surfaced and capped withdrawals by account holders. Authorities are probing alleged criminal conspiracy between some officials of PMC Bank and HDIL promoters Rakesh and Sarang Whawan. Whawans have alrey given ir consent to selling 18 attached assets, including two private jets, a speed boat and a fleet of high-end cars. In a letter dated October 16 to Finance Ministry, RBI and probe ncies including EOW and Enforcement Directorate sought monetisation of attached assets at “fair market value”. Hapless PMC depositors have been protesting across country for getting ir money back ever since bank was placed under restrictions.

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