EOW Court In Mumbai Rejects Anticipatory Bail Petitions Of Two Former PMC Bank Board Members Sodhi And Narang

An Economic Offences Wing (EOW) court in Mumbai has rejected the anticipatory bail applications of two former Punjab & Maharashtra Co-Operative Bank (PMC Bank) board members, namely Dr Parmeet Sodhi and Surjit Singh Narang.

The court, which had heard and allowed an intervention application filed by the bank’s investors on November 8, turned down the pre-arrest bail pleas filed by the two former directors, after hearing arguments on their applications on the same day.

In his application, the 71-year-old Narang had submitted that he had suffered a paralytic attack and was undergoing treatment for it since July, while being on complete bed rest. He had also accused the investigating agency (Economic Offences Wing of the Mumbai Police) of ‘fishing’ for evidence.

Stating that the actions of the agency were driven more by “public sentiments”, Narang had claimed that the common man would find it difficult to accept that a director of the bank could not be involved in the fraud. He added that he feared being arrested ‘to cater to public sentiments,’ if he agreed to present himself before the agency.

Sodhi, who is currently on vacation in Canada, had claimed that she was completely unaware of the fraud and that she herself was a victim as she had “recently deposited Rs 10 lakh with the bank”.

She had further submitted that she apprehended arrest upon her arrival, after the EOW had issued a lookout notice against her and other bank officials.

In their reply, the EOW had opposed their applications stating that prima facie, a nexus between the accused and the HDIL group had been made out by the agency and that it was part of a “deep rooted conspiracy to cause loss of public funds”.

The Mumbai police EOW also argued that the probe could not reach its conclusion without the custody of the Sodhi and Narang.

Incidentally, the EOW has arrested five people so far, after, issuing lookout notices against 17 others.