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Tuesday, June 15, 2021

PMC Bank scam: Bombay HC grants bail to three former directors

All three were arrested in December 2019 in connection with the alleged multi-crore scam at the bank.

By: Express News Service | Mumbai |
Updated: May 6, 2021 12:45:03 am
Bavisi was director and member of PMC Bank's loans and advance committee since 2011, while Bane was member of the loan recovery committee between 2010 and 2015 and of loans and advances committee since 2015. (Express Archive)

The Bombay High Court Wednesday granted bail to three former directors of the Punjab and Maharashtra Cooperative (PMC) Bank, including Mukti Bavisi, Trupti Suhas Bane and Rajneet Tara Singh Nandrajog.

All three were arrested in December 2019 in connection with the alleged multi-crore scam at the bank. Last year, the sessions court had rejected their bail pleas along with the other directors of the company, after which they had approached the High Court. But the bail plea filed by Dr Vishwanath Sridhar Prabhu, valuer of the bank, was rejected.

A single-judge bench of Justice Prakash D Naik, while granting bail on conditions, directed the applicants to submit their passports to the Court. Senior counsel Ashok Mundargi, along with advocates Niteen Pradhan, Bhavesh Parmar, Rahul Gaikwad, Ritika Bharadia and Gauri Govilkar, instructed by Gravitas legal, appeared for Bavisi and Bane and argued that the chargesheet does not contain any specific allegations against any directors and does not establish the role of directors as alleged by the investigating agencies and so, they should be released on bail.

Bavisi was director and member of PMC Bank’s loans and advance committee since 2011, while Bane was member of the loan recovery committee between 2010 and 2015 and of loans and advances committee since 2015. Nandrajog, son of late BJP MLA Sardar Tara Singh, was a member of its recovery committee for the past 13 years when he was arrested in 2019.

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