Mumbai Police arrests 3 more PMC Bank directors

Mumbai Police arrests 3 more PMC Bank directors
Jagdish Mookhey, Mukti Bavisi, and Trupti Bane were arrested in connection with the bank fraud case following extensive interrogation

The Economic Offences Wing (EOW) of Mumbai police on Tuesday arrested three more Directors of the Board of Punjab and Maharashtra Co-operative (PMC) Bank in connection with the Rs 4,355 crore alleged bank scam case.

The arrested directors are Jagdish Mookhey, Mukti Bavisi, and Trupti Bane.

All three were placed under arrested following extensive interrogation in connection with credit facilities provided by the bank to Housing Development and Infrastructure Limited (HDIL) and its group companies.

Mookhey was reportedly a director of the bank and member of its audit committee since 2005, whereas Bavisi was director and member of its loans and advances committee since 2011.

Trupti Bane, on the other hand, was a member of the loan recovery committee for the period between 2010 to 2015, and of loans and advances committee since 2015.

The trio will be produced before a court on Wednesday.

With the arrest of these three, a total of 12 persons have been arrested in connection with the alleged bank scam. Those arrested include several top bank officials, Rakesh and Sarang Wadhawan (promoters of HDIL), and auditors.

Back in September, the RBI imposed restrictions on the bank after it found major financial irregularities in its dealings, including under-reporting of NPAs.

During the course of the investigation, the probing agencies found that bank officials had allegedly colluded with promoters of HDIL and illegally routed funds to the now-bankrupt firm, which accounted for 73 percent of PMC’s loan book.

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