PMC Bank ‘scam’: Promoter seeks pre-arrest bail, says issue exploited due to elections

“Since the acts of the investigating agency in the PMC Bank fraud are more driven by public sentiments and since the common man perceives that a major fraud has been perpetrated in this case and since a common man finds it difficult to accept that that a director of the bank cannot be involved in the perceived fraud, sooner or later, the applicant is likely to be summoned,” the plea states. It adds that due to the Assembly elections in Maharashtra, the issue was “politically exploited to the hilt” and there was “pressure to lodge police complaints against the bank management and officials”.

In his plea, Narang said, that he was “not even remotely connected” with the alleged acts of falsification of records and concealment of information regarding the turning of HDIL Group Accounts into Non-Performing Assets. “The applicant was not even aware of the Loans and Advances made by the Bank to HDIL Group, let alone be a part of the acts of falsification and concealment,” the plea states, adding that the probe has taken the nature of a “fishing enquiry”.

He said that since the board of directors are not involved in the daily affairs of the bank, any knowledge about the bank is restricted to inputs from the professional management team and the audit reports.

Meanwhile, at least nine depositors of PMC Bank were detained Tuesday when they tried to meet Union Finance Minister Nirmala Sitharaman at an event in Mumbai, police said.

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