PMC Bank scam: Key accused Daljeet Singh Bal arrested from Bihar's Raxaul
India Today
Daljeet Singh Bal has been arrested for his involvement in the Rs 4500 cr scam. He had allegedly helped clear loans to HDIL, leading to the crisis in the bank.
Mumbai Police on Wednesday evening arrested the director of Punjab and Maharashtra Co-operative (PMC) Bank Daljeet Singh Bal, for his alleged involvement in the Rs 4500 crore scam.
Daljeet Singh Bal was one of the accused in the PMC Bank scam and a lookout circular (LOC) was issued against him by the Mumbai police in 2019.
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He was arrested from Raxaul on the India-Nepal border in the East Champaran district of Bihar. A team of the Mumbai Economic Offences Wing (EOW) has left for Bihar to bring Daljeet Singh Bal to Mumbai on transit remand.
The Enforcement Directorate (ED) had filed a money-laundering case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October, 2019 against HDIL, its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and former managing director Joy Thomas for causing wrongful loss to the tune of Rs 4355 crore to PMC Bank and corresponding gain to themselves.
According to the investigations initiated by the ED in 2019, Diljeet Singh Bal helped clear loans to HDIL, leading to the crisis in the bank.
