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pmc bank scam

Dec 15, 2019, 11.57 PM IST

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PMC BANK SCAM

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  • The accused firm is Ambidant Marketing Pvt Ltd and its promoters and the case of alleged duping of a number of gullible investors had made headlines last year in Karnataka. The company had hired agents who would convince investors to invest in the plan by giving these agents a heavy commission.

    "There is a forensic audit underway. We will get the report by the end of this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the monetary policy.

    "The government stands behind the PMC Bank depositors. I have spoken with the MSC Bank director and asked him to consider a merger of the two banks to provide relief to the depositors," Patil told mediapersons here this afternoon. He assured that the state's apex cooperative banking entity.

    The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who committed suicide.

    The bank is currently undergoing a forensic audit the report for which will be finalised by the end of this month. But simultaneously, other assets and mortgages are also being identified by investigation agencies and the banking regulator to get back the bank’s dues.

    New policy measures were announced on Thursday to strengthen the regulatory framework at the UCBs.

    The multi-state co-operative bank has been under the RBI restriction since September 23, after it had found financial irregularities, including huge under-reporting of loans and non-performing assets to real estate developer HDIL to the tune of Rs 6,500 crore using hundreds of dummy accounts.

    Speaking on the issue of PMC bank depositors, Nationalist Congress Party (NCP) leader Jayant Patil said, “Depositors of Punjab and Maharasht...

    In their pleas, the petitioners alleged that the RBI's decision (to put restrictions on cash withdrawal) was irrational, arbitrary and violative of the fundamental rights of common public.

    The Economic Offences Wing (EOW) of the Mumbai Police had arrested three PMC Bank directors- Jagdish Mookhey, Mukti Bavisi and TruBane- on Tuesday. Of them, Mookhey and Bane were produced before chief metropolitan magistrate court, which remanded them in police custody till December 11.

    The minister said steps are being taken to seize properties of promoters of the PMC Bank, auction such properties and repay depositors with the money obtained. Sitharaman said the Rs 50,000 withdrawal ceiling for depositors continues but for scenarios like marriage, education, livelihood and other "hardships", the withdrawal limit if Rs 1 lakh.

    A court has allowed the RBI- appointed administrator for PMC Bank to sell two airplanes and a yacht belonging to HDIL group promoters Rakesh Wadhawan and his son Sarang.

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