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PMC bank scam: Arrested auditors to be produced before court today

The economic offence wing (EOW) of Mumbai Police will on Tuesday produce two auditors who were arrested for deliberately overlooking irregularities in Punjab and Maharashtra Cooperative (PMC) Bank before a local court.


PMC bank scam: Arrested auditors to be produced before court today
Punjab and Maharashtra Cooperative (PMC) Bank. Image Credit: ANI

The economic offence wing (EOW) of Mumbai Police will on Tuesday produce two auditors who were arrested for deliberately overlooking irregularities in Punjab and Maharashtra Cooperative (PMC) Bank before a local court. The police arrested the auditors identified as Jayesh Sanghani and Ketan Lakdawala as a part of its investigation into Rs 4,355 crore PMC bank scam.

The duo is from an audit firm which was roped in by the bank to conduct routine audits. The police are probing if they received any kickbacks for overlooking the irregularities. In September, the Reserve Bank of India (RBI) had restricted the activities of the PMC Bank for six months.

It asked the bank not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits after the alleged scam came to light. The police have also arrested promoters of Housing Development and Infrastructure Limited (HDIL) and several PMC officials in connection with the scam. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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