PMC Bank fraud case: Ex-MLA’s son to stay in cop custody till November 25

Rajneet Singh, the son of former Bharatiya Janata Party (BJP) legislator Sardar Tara Singh, on Sunday was remanded in police custody till November 25, for his alleged

Rajneet Singh, the son of former Bharatiya Janata Party (BJP) legislator Sardar Tara Singh, on Sunday was remanded in police custody till November 25, for his alleged role in the ₹4,355-crore Punjab and Maharashtra Co-operative (PMC) Bank fraud case.

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The economic offences wing (EOW) of Mumbai Police had arrested Singh from his Bhandup home on Saturday.

Singh, 45, is one of the 12 board directors of PMC Bank and the ninth person to be arrested in the case.

“We questioned Singh on Saturday evening over the loan provided by the bank to Housing Development and Infrastructure Limited (HDIL) group of companies, and what steps were taken to recover the pending loans. However, he did not provide satisfactory explanations, indicating that he may have a role in the fraud,” said an EOW officer.

According to the EOW, Singh became a director of the bank in 1999. “He was also on the recovery committee when his father, Tara Singh, had become a member of the Legislative Assembly (MLA). Singh was aware of the bad status of the loan accounts of the HDIL as he was the member of the committee concerned for almost two decades,” the officer said.