Did not know about loans to HDIL, says PMC Bank director

Updated: 06 November, 2019 12:06 IST | Agencies | Mumbai

Narang, 71, has filed an anticipatory bail application before additional sessions judge S T Soor

This picture has been used for representational purpose only
This picture has been used for representational purpose only

Surjit Singh Narang, one of the directors of scam-hit Punjab & Maharashtra Cooperative Bank, has claimed in his pre-arrest bail plea in a court that he was not aware of the loans given by the bank to the HDIL group. The Economic Offences Wing (EOW) of Mumbai Police has arrested five people in the Rs 4,355 crore PMC Bank scam, including promoters of the realty group HDIL and top bank officials.

Narang, 71, has filed an anticipatory bail application before additional sessions judge S T Soor. The FIR registered by the EOW did not name him, but it was "wide enough" to include him, his plea said. He was one of the promoters and shareholders of the bank, but not involved in its "day-to-day operations", it said. He was not aware of the loans given to HDIL, and there was nothing to show that he was connected with alleged "falsification of records and concealment of information" (to hide these loans), Narang said.

As per the EOW, the bank management concealed from the banking regulator's scrutiny huge loan defaults by HDIL group firms, replacing 44 loan accounts of the group with 21,049 fictitious accounts. Besides Narang, another director of the bank, Parmeet Sodhi, has also sought pre-arrest bail. Both the pleas would be heard on November 8.

Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

First Published: 06 November, 2019 12:00 IST

Sign up for all the latest news, top galleries and trending videos from Mid-day.com

Subscribe
loading image
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK