Candle-lit vigil for PMC account holder who died of heart attack

A 51-year-old Andheri resident who had his life’s savings in Punjab and Maharashtra Cooperative (PMC) Bank died of cardiac arrest on Monday. Sanjay Gulati’s family

A 51-year-old Andheri resident who had his life’s savings in Punjab and Maharashtra Cooperative (PMC) Bank died of cardiac arrest on Monday. Sanjay Gulati’s family has alleged Gulati’s death was due to stress caused by the withdrawal restrictions placed upon the fraud-hit PMC Bank by the Reserve Bank of India (RBI).

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On Monday morning, Gulati attended a protest related to the PMC Bank issue. After returning home, he suffered cardiac arrest during lunch and was rushed to Kokilaben Dhirubhai Ambani Hospital where he was declared dead on arrival. Friends and family said he had no pre-existing health conditions. Gulati was cremated at Oshiwara Crematorium on Tuesday.

“Whatever has happened with my son is very unfortunate. First, he lost his job at Jet Airways. To add to the misery, all his savings and fixed deposits were at PMC Bank,” said CL Gulati, 85, the deceased’s father.

Gulati lost his Jet Airways job in February and had around ₹90 lakh in PMC Bank. He is survived by his wife and a son who has special needs. The restrictions on withdrawal worried Gulati as he needed regular cash for his son’s treatment. “I had assured him of all the monetary help from my end, but my money was also stuck in PMC Bank,” said CL Gulati.

On Tuesday evening, a group of well-wishers and PMC Bank account holders gathered for a silent protest at Gulati’s residence. Aarti Salgaonkar, the admin of a WhatsApp group of Andheri-based PMC Bank account holders, said they wanted some assurance from the RBI that their deposits are safe.

There were reports of another PMC Bank account holder’s death due to stress in Mumbai. However, the deceased’s family denied the bank crisis was connected to his demise.