Mumbai police arrests PMC bank director over alleged scam

Mumbai police arrests PMC bank director over alleged scam

Agency News

Mumbai, Nov 17: Mumbai police on Saturday arrested son of BJP leader Sardar Tara Singh, S Rajneet Singh, director of Punjab & Maharashtra Cooperative Bank Ltd for his alleged involvement in the bank scam, involving crores of rupees.

BJP leader Sardar Tara Singh was a former legislator from Mulund. According to Mumbai Police Spokesperson and Deputy Commissioner of Police Pranaya Ashok, Rajneet Singh was brought for questioning in the PMC Bank scam in the matter pertaining to a Rs 4355 crore fraud allegedly perpetrated by the bank directors and directors of the HDIL Group.

Since Rajneet was a director 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 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 this evening and will be produced before a holiday magistrate tomorrow for securing a police remand and further investigation, said DCP Ashok. (UNI)