Banking

Three Directors of PMC Bank Arrested

The trio will be produced before a court on Wednesday.

Mumbai: The Economic Offences Wing (EOW) of Mumbai police on Tuesday arrested three directors of Punjab & Maharashtra Cooperative (PMC) Bank in connection with the alleged Rs 4,355 crore fraud which is under investigation, an official said.

Jagdish Mookhey, Mukti Bavisi and Trupti Bane were arrested following extensive interrogation in connection with credit facilities provided by the bank to Housing Development and Infrastructure Limited (HDIL) and its group companies, the official said.

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Mookhey was a director of the bank and member of its audit committee since 2005, whereas Bavisi was director and member of its loans and advances committee since 2011, he said.

Trupti Bane was a member of the loan recovery committee for the period between 2010 to 2015, and of loans and advances committee since 2015, the official said.

The trio will be produced before a court on Wednesday.

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