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pmc fraud

Dec 09, 2019, 02.38 PM IST

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PMC FRAUD

Forensic audit on PMC scam expected by month-end: Shaktikanta Das

"There is a forensic audit underway. We will get the report by the end of this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the monetary policy.

Panel to assess value of assets mortgaged by PMC borrowers

The bank is currently undergoing a forensic audit the report for which will be fin...

ET Explains: Inside RBI's plan to avert PMC Bank-like embarrassments

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  • Speaking on the issue of PMC bank depositors, Nationalist Congress Party (NCP) leader Jayant Patil said, “Depositors of Punjab and Maharasht...

    "The government stands behind the PMC Bank depositors. I have spoken with the MSC Bank director and asked him to consider a merger of the two banks to provide relief to the depositors," Patil told mediapersons here this afternoon. He assured that the state's apex cooperative banking entity.

    Facebook blamed ILikeAd Media International Company and two individuals associated with the company — Chen Xiao Cong and Huang Tao — for the fraud. The defendants deceived people into installing malware available on the Internet. This malware then enabled the defendants to compromise people’s Facebook accounts and run deceptive ads promoting items.

    The multi-state co-operative bank has been under the RBI restriction since September 23, after it had found financial irregularities, including huge under-reporting of loans and non-performing assets to real estate developer HDIL to the tune of Rs 6,500 crore using hundreds of dummy accounts.

    The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who committed suicide.

    In their pleas, the petitioners alleged that the RBI's decision (to put restrictions on cash withdrawal) was irrational, arbitrary and violative of the fundamental rights of common public.

    The company is also seeking external advice on mode and sources of fund raising.

    The Economic Offences Wing (EOW) of the Mumbai Police had arrested three PMC Bank directors- Jagdish Mookhey, Mukti Bavisi and TruBane- on Tuesday. Of them, Mookhey and Bane were produced before chief metropolitan magistrate court, which remanded them in police custody till December 11.

    The Justice Department unsealed charges Thursday against two Russian men in what authorities say was one of the worst computer hacking and b...

    According to the police, Rakesh and Sarang Wadhawan of real estate firm HDIL, who are among the accused in the case, had allegedly tampered with the bank’s core banking solution to operate 44 password-protected accounts. Overdrafts disbursed by the bank to these accounts eventually made it to the accounts held by HDIL or its promoters, the police had alleged.

    Nirav is the second businessman after Vijay Mallya to be declared a fugitive economic offender under provisions of the new Fugitive Economic Offenders Act, which came into existence in August last year. Nirav and his uncle Mehul Choksi are the prime accused in PNB fraud case, related to alleged fraudulent issuance of LoU that caused a loss of over $2 bn to the PSB.

    As per Mumbai Police, 23 PMC bankers and clients took Rs 70 crore a week before RBI's clampdown.

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