Mumbai Police EOW Searches Arrested Former PMC Bank Director Rajneet Singh’s Residence; Chasing Other Directors

The Economic Offenses Wing (EOW) of the Mumbai police has conducted a search at the residence of Rajneet Singh, former director of Punjab and Maharashtra Co-operative (PMC) Bank.

Recently, the Esplanade Court granted the police his custody until November 25, after which the Mumbai police EOW carried out searches at Rajneet Singh’s his residence at Sion in Mumbai.

Recently, Rajneet Singh, the son of former Mulund BJP MLA Sardar Tara Singh was arrested by the EOW in connection with the Rs 4,355-crore PMC Bank fraud.

Rajneet Singh was director of PMC Bank before the Reserve Bank of India (RBI) imposed restrictions on the lender. He was also on the recovery committee of the Bank.

Incidentally, this is the ninth arrest in the case by the police.

Meanwhile, Daljit Singh Bal, an absconding director of PMC Bank, has been located in Amritsar, Punjab.

However, Bal obtained anticipatory bail from a court in Amritsar after learning that a Mumbai Police EOW team is on its way to nab him from the town. A local Amritsar court granted him bail after Bal gave an undertaking that he would surrender before the Mumbai police shortly. Bal used to be on the loans committee at PMC Bank.

The EOW is trying to locate another PMC Bank director, Gurnam Singh Hoti, who is also believed to be holed up in Punjab. Hoti also happens to be the trustee of several Sikh institutions in Mumbai and supposedly helped collect deposits for PMC Bank from them.

The EOW is also looking to extradite a PMC Bank director Dr Parmeet Sodhi, who is in Canada. Dr Sodhi too was on the loans and recovery committee of the PMC Bank.

In a recent application before a Chandigarh magistrate, the EOW had stated that Dr Sodhi was responsible for sanctioning loans and was one of the directors responsible for the PMC Bank’s operations.