
HC rejects pre-arrest bail pleas of two PMC Bank directors
The Bombay high court (HC) last Thursday dismissed anticipatory bail applications filed by two directors of scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.
After perusing investigation papers Justice Sadhana Jadhav pronounced the operative order of rejecting anticipatory bail applications filed by the PMC Bank directors, Gurnam Singh Hothi and Daljit Singh Bal.
The judge said neither of the PMC Bank directors deserved discretionary relief of pre-arrest bail.
Hothi and Bal had moved the HC after the sessions court had rejected their anticipatory bail pleas.
However, the sessions court had granted them interim protection from arrest till June 15, and the interim protection was extended by HC from time to time.
While rejecting the applications, Justice Jadhav also withdrew the interim protection, and as a result, paved the way for the arrest of the two accused in the PMC Bank scam, estimated to be 7,457.49 crore.
Detailed reasoning for dismissal of the pleas is awaited.
The Mumbai Police’s economic offences wing (EOW) had on September 30, 2019, registered a case in connection with the fraud perpetrated by the bank officials and accused many of its directors of illegally extending huge loans to realty firm, Housing Development and Infrastructure Limited (HDIL) and its group companies to the tune of Rs 4,355 crore.
According to the Reserve Bank of India (RBI), PMC Bank had masked 44 dodgy loan accounts involving advances to the tune of Rs 7,457.49 crore to some entities, including HDIL, by tampering with its core banking system, and the accounts were accessible only to select staff members.
The bank had created 21,049 fictitious accounts in a bid to ensure its master data tallies to the loan disbursals of Rs. 7,457.49 crore, RBI has stated in an affidavit filed in response to other PMC Bank-related petitions before the HC.

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