Mumbai: EOW arrests 3 PMC Directors in Bank scam case

Mumbai (Maharashtra) [India], Dec 3 (ANI): The Economic Offences Wing (EOW) of Mumbai police on Tuesday arrested three Directors of the Board of Punjab and Maharashtra Co-operative (PMC) Bank in connection with the alleged bank scam case.
According to officials, Jagdish Mookhey, Mukti Bavisi and Trupti Bane were arrested and will be produced before a Mumbai court on Wednesday.
So far, as many as 12 people have been arrested in the matter.
In September, the RBI had restricted activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrower of funds and acceptance of fresh deposits.
The directions were necessitated on account of major financial irregularities, failure of internal control and systems of the bank and wrong or under-reporting of its exposures under various off-site surveillance reports.
The RBI later sacked the bank's board of directors under Sub-Sections 1 and 2 of Section 36 AAA read with Section 56 of the Banking Regulation Act 1949. The bank is now under the charge of an administrator.
PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country. (ANI)