MUMBAI: City's Esplande court on Thursday remanded
Surjit Singh Arora
, a former director of the Punjab and Maharashtra Coperative (PMC) bank, to police custody till October 22 in connection with Rs 4,355 crore scam.
The Economic Offences Wing (EOW) of the Maharashtra Police, which is probing the case, had produced Arora (65) before the court for his alleged involvement in the fraud.
Meanwhile, bank’s former MD Joy Thomas was also produced before the same court which sent him to judicial custody.
Arora is the second member of the bank’s former board to be taken into custody.
PMC Bank advanced almost 70% of its loan book to HDIL group, which has not been repaid.
Investigators said they found money was transferred from HDIL to Arora’s personal account. Arora has been associated with the bank for the past 12 years and was a member of the loans committee. He was also on the board of directors, said an officer.
Mateen Hafeez, special correspondent at The Times of India in Mum...
Read MoreMateen Hafeez, special correspondent at The Times of India in Mumbai, reports on terrorism, underworld, cybercrime and organized crime syndicates. He also writes about the jails in Maharashtra and focuses on human interest stories. He has covered the Ghatkopar bomb blast, Vile Parle bomb blast, Mulund train blast, train serial blasts in 2006, 26/11 terror attacks and Pune's German Bakery bomb blast. He has a special interest in Urdu fiction written by Ibn-e-Safi.
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