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Friday, Nov 22, 2019

83-year-old PMC Bank depositor dies; had no funds for heart surgery

Mumbai Police’s economic offences wing (EOW) has found evidence of a Rs 4,355-crore fraud at PMC Bank.

mumbai Updated: Oct 19, 2019 16:46 IST
Revathy Krishna
Revathy Krishna
Hindustan Times, Mumbai
This is the fourth incident in which a PMC Bank account holder has passed away since restrictions were imposed in September.
This is the fourth incident in which a PMC Bank account holder has passed away since restrictions were imposed in September.(PTI image)
         

An 83-year old account holder of the fraud-hit Punjab and Maharashtra Co-operative (PMC) Bank died in Mulund on Friday, after being unable to raise funds for heart surgery. Murlidhar Dharra had deposits worth Rs 80 lakh in the bank and his family has alleged they could not raise the required amount because of withdrawal limits imposed by the RBI.

This is the fourth incident in which a PMC Bank account holder has passed away since restrictions were imposed in September. As per the new regulations, depositors can withdraw more than the RBI-mandated among in case of medical emergencies. Daily withdrawals are currently capped at Rs 40,000.

On October 14, ex-Jet Airways staffer Sanjay Gulati passed away after suffering a cardiac arrest. His family has alleged Gulati was suffering from stress due to the withdrawal restrictions at the bank since he needed cash for his son’s treatment. The next day, another depositor, Fattomal Punjabi, died of cardiac arrest and on October 16, a 39-year-old doctor, also a depositor at PMC Bank, allegedly died by suicide. Both families have said the deaths are not related to the crisis at the bank.

 

Meanwhile, Dharra, a cardiac patient, passed away in his home in Mulund on Friday. Dharra’s son Prem told PTI that doctors had recommended Dharra undergo surgery for a heart condition, but the family was unable to raise the funds despite deposits worth Rs 80 lakh in PMC Bank.

Since September 23, restrictions have been imposed by the RBI on withdrawals from PMC Bank. After an initial cap at Rs 1,000, the amount has been raised and is now at Rs 40,000. However, in case of medical emergencies, an application can be made to the branch, which would be forwarded to the RBI, for higher-value withdrawals. It is not known whether the bank received or rejected an application from Dharra for his surgery.

Mumbai Police’s economic offences wing (EOW) has found evidence of a Rs 4,355-crore fraud at PMC Bank. The bank’s exposure to the bankrupt Housing Development and Infrastructure Limited (HDIL) was 73%of its entire assets of Rs 8,880 crore. So far, five people have been arrested for their involvement in the fraud and agencies have seized assets worth more than Rs 3,830 crore.