Three PMC bank directors arrested by Mumbai Police

Ecomic Offences Wing (EOW) of Mumbai Police on Tuesday arrested three directors of Punjab & Maharashtra Cooperative (PMC) Bank in connection with ongoing probe of a Rs 4,355 crore scam. It took number of persons arrested in case to 12.

Jagdish Mookhey, Mukti Bavisi and Trupti Bane were arrested following extensive interrogation in connection with credit facilities provided by bank to Housing Development and Infrastructure Limited (HDIL) and its group companies, an EOW official said.

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Mookhey was a director of bank and member of its audit committee since 2005, whereas Bavisi was director and member of its loans and vances committee since 2011, he said. Trupti Bane was member of loan recovery committee for period between 2010 to 2015, and of loans and vances committee since 2015, official said.

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trio will be produced before a court on Wednesday. On vember 16, EOW h arrested ar director, Rajneet Singh, son of former BJP MLA Sardar Tara Singh. Those arrested earlier included three top bank officials and two promoters of real estate group HDIL -- Rakesh and Sarang Whawan -- and auditors. EOW suspects a nexus between some of accused and HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at bank, leing to appointment of ministrator by RBI and restrictions on withdrawal of funds.

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