MUMBAI: The economic offences wing of the city police probing the Rs 4,700 crore loan fraud case at Punjab and Maharashtra Cooperative (PMC) Bank on Thursday arrested a bank director and two valuers for their alleged role in the case. Some senior bank officials have been accused of extending loans to Housing Development Infrastructure Limited (HDIL) and its directors and concealing the fact from RBI despite the loans not being repaid.
Those arrested include bank director Jasvinder Singh Banwait (56) and two valuers - Shripad Jere (43) and Vishwanath Sridhar Prabhu (57). This takes the total number of arrests in this case to 15 so far.
Banwait, who has served as director and a member of the bank's loan panel in 2005 and 2010, was quizzed about loans given to HDIL Group of companies and their pending dues and what efforts had been made to recover the dues. "The explanation he provided was unsatisfactory, revealing his active involvement in the offence. That is what led to his arrest," said an officer.
Banwait, in collusion with other arrested accused officials, had a role in the offence and this is why his interrogation in custody was required, said a police officer.
Those arrested include bank director Jasvinder Singh Banwait (56) and two valuers - Shripad Jere (43) and Vishwanath Sridhar Prabhu (57). This takes the total number of arrests in this case to 15 so far.
Banwait, who has served as director and a member of the bank's loan panel in 2005 and 2010, was quizzed about loans given to HDIL Group of companies and their pending dues and what efforts had been made to recover the dues. "The explanation he provided was unsatisfactory, revealing his active involvement in the offence. That is what led to his arrest," said an officer.
Banwait, in collusion with other arrested accused officials, had a role in the offence and this is why his interrogation in custody was required, said a police officer.
Get the app