PMC Bank scam: Mumbai Police arrests former director, two others

Topics PMC Bank | Bank frauds

Banwait was a director and member of the bank's Loan, Investment and Executive Committee when the alleged Rs 4,355 crore scam involving Housing Development and Infrastructure Ltd (HDIL) took place.

The Economic Offences Wing (EOW)of the Mumbai Police which is investigating alleged scam at the Punjab and Maharashtra Co-operative (PMC) Bank on Thursday arrested three persons including a former director, an official said.

Jasvinder Singh Banwait, Vishwanatha Shridhar Prabhu and Shripad Govind Jere were arrested on Thursday.

Banwait was a director and member of the bank's Loan, Investment and Executive Committee when the alleged Rs 4,355 crore scam involving Housing Development and Infrastructure Ltd (HDIL) took place, the EOW official added.



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