PMC Bank scam: Two auditors arrested in Mumbai

Two auditors have been arrested in connection with the 4,355-crore rupees alleged Punjab and Maharashtra Cooperative, PMC, Bank scam. They were nabbed by the Economic Offences Wing, EOW, of the Mumbai Police Monday night.

According to officials, the duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed. They are suspected to have played a key role in covering up irregularities involving some top officials of the bank. Probing the scam, the EOW suspects a nexus between some of the accused and HDIL group companies.

In another development, a Sessions court in Mumbai on Monday rejected the pre-arrest bail pleas filed by two directors of the PMC bank, Parmeet Sodhi and Surjit Singh Narang. Additional Sessions Judge turned down the applications after noting that their custodial interrogation was required. Narang and Sodhi had claimed that they were not aware of the loans given by the PMC bank to the HDIL Group.

Around 400 depositors of PMC on Monday met Mumbai Police Commissioner Sanjay Barve and briefed him about the problems being faced by them after the RBI put certain restrictions on the troubled lender.