The Economic Offences Wing (EOW) of Mumbai Police on Wednesday arrested one of the directors of the Punjab and Maharashtra Co-operative (PMC) Bank, S Surjit Singh Arora, 65, after his involvement in the scam surfaced during the investigation. According to sources, for the past four to five years, Arora received crores of rupees from the real-estate company HDIL. This is the fifth arrest in the case.

On the other hand, Mumbai Police Commissioner Sanjay Barve met 30 to 40 depositors at his office and assured them of a speedy investigation. "Financial transactions suggest that Arora received amounts running into crores from HDIL. He did not give satisfactory answers during questioning and as such had to be arrested. Apart from understanding the trail of money, we need to know if he is also a beneficiary in the scam," a senior officer told mid-day. The exact amount received by Arora would be clear once the forensic audit report comes.