Police custody of former PMC Bank director extended till Oct 24

Mumbai: A Mumbai court on Tuesday extended the police custody of the former director of PMC Bank, S Surjit Singh Arora till October 22 in alleged connection with a scam case.

Arora was arrested by the Economic Offence Wing (EOW) of Mumbai Police on October 16 in connection with the bank scam case.

In another development that took place today, Advocate Ajay Misar was appointed as the special public prosecutor to represent special Economic Offences Wing in Punjab and Maharashtra Cooperative Bank (PMC) fraud case.

Last week, former Managing director of PMC bank, Joy Thomas was sent to judicial custody for 14 days by Mumbai’s Esplanade court for his alleged involvement in the scam.

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Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

Scores of depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank staged a protest here demanding the removal of the restriction on cash withdrawal imposed by the Reserve Bank of India (RBI), which is currently capped at Rs 40,000 for six months.

The organisation had initially capped the deposit withdrawal at Rs 10,000 but later raised it to Rs 40,000.

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Last month, the RBI restricted the activities of the PMC Bank for six months and asked it not to grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits after an alleged scam of Rs 4,355 crore came to light.

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