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PMC Bank scam: Bombay High Court grants bail to 3 former directors

While granting the bail to the directors -- Mukti Bavisi, Trupti Suhas Bane and Ranjeet Tara Singh Nandrajog, the court asked them to submit their passports to it.

twitter-logoBusinessToday.In | May 5, 2021 | Updated 21:05 IST
PMC Bank scam: Bombay High Court grants bail to 3 former directors
In September 2019, the RBI had imposed restrictions on the fraud-hit multi-state urban cooperative bank, including on withdrawals by customers, following a scam.

The Bombay High Court on Wednesday granted bail to three former directors of Punjab and Maharashtra Cooperative (PMC) Bank who were arrested in December 2019 in connection with an alleged scam of over Rs 4,300 crore at the bank.

While granting the bail to the directors -- Mukti Bavisi, Trupti Suhas Bane and Ranjeet Tara Singh Nandrajog, the court asked them to submit their passports to it.

The trio had approached the high court after Sessions Court rejected their bail pleas in May 2020, the Economic Times reported. However, the court rejected the bail plea of bank's valuer Vishwanath Sridhar Prabhu.

The three are among the key accused in the scam. Bavisi was a director and member of PMC Bank's loans and advances committee since 2011. Bane was a member of loan recovery committee between 2010 to 2015 and of loans and advances since 2015. Besides being a director, Nandrajog was a member of the bank's recovery committee for about 13 years.

In September 2019, the RBI had imposed restrictions on the fraud-hit multi-state urban cooperative bank, including on withdrawals by customers, following a scam. The central bank had found irregularities in loans given to Housing Development and Infrastructure Ltd (HDIL) by PMC Bank.

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