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Journalism of Courage
THE ECONOMIC Offences Wing (EOW) of the Mumbai police on Thursday arrested former director of Punjab and Maharashtra Cooperative (PMC) Bank Daljeet Singh Bal. Bal was traced to Bihar with the help of immigration officials following which a team from Mumbai Police went to arrest him.
An official said that a Look Out Circular (LOC) had been issued against Bal, who is wanted in the PMC Bank scam case for allegedly being involved in clearing loans. Bal was arrested in Raxaul in east Champaran near the India-Nepal border.
According to the EOW, the directors at the bank had allegedly created fictitious accounts to hide multi-crore loans extended to the almost-bankrupt HDIL. The fraud at PMC Bank came to light in September, 2019, following after which the RBI put the bank in charge of an administrator.
The EOW and the Enforcement Directorate have registered cases against senior bank officials and HDIL promoters. So far, at least 20 people have been arrested in the case.
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