BJP leader’s son nabbed in PMC Bank scam

Economic Offence Wing (EOW) of Mumbai Police has arrested S. Rajneet Singh in connection with the Punjab and Maharashtra Cooperative (PMC) Bank scam

PMC Bank account holders stressed
PMC Bank account holders stressed

IANS

The Economic Offence Wing (EOW) of Mumbai Police has arrested S. Rajneet Singh in connection with the Punjab and Maharashtra Cooperative (PMC) Bank scam, an official said late on Saturday.

Singh was a director of the bank and is the son of senior state BJP leader Sardar Tara Singh, a former legislator from Mulund.

According to Mumbai Police spokesperson and Deputy Commissioner of Police Pranaya Ashok, Rajneet Singh was brought for questioning in connection with the Rs 4,355 crore fraud allegedly perpetrated by PMC Bank directors and directors of the HDIL group.

Since Rajneet was a director at the bank for around 13 years besides being a member of the bank's Recovery Committee, he was interrogated on the loans extended to the HDIL group companies, their long-pending dues and the efforts made to recover the same.

However, he provided evasive and unsatisfactory explanations after which his involvement in the offences was revealed and confirmed by the investigators.

Accordingly, he was arrested late in the evening and will be produced before a holiday magistrate on Sunday for securing police remand for further investigation, said the DCP.

So far, over half a dozen persons, including PMC Bank's senior past and present executives, and the top brass of the HDIL group have been arrested since the scam erupted in late September.

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