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PMC Bank Depositors Detained By Mumbai Police Protesting Against Sitharaman Outside NSE Building

Mumbai: The Mumbai Police detained several depositors of the scammer Punjab and Maharashtra Co-operative (PMC) Bank, who staged a protest against Union Finance Minister Nirmala Sitharaman outside the NSE building at Bandra Kurla Complex.

The development comes a day after the family, another depositor of the fraudulent bank Andrew Lobo, died on Monday when he was unable to use his money for medical treatment, the family claimed.

Sitharaman was present at the National Stock Exchange (NSE) building to attend an event.

According to reports from family members, Lobo sold his business and home in Mulund after his retirement, earning close to Rs 30 lakh, and deposited it in PMC Bank.

As the bank was engulfed in deep distress, its money was deposited in the bank accounts, causing huge trouble to depositors, who planned to use it to treat their lung infections.

The multi-state co-operative PMC bank came under the purview of the RBI after an alleged fraud of Rs 4,355 crore, allowing the Supreme Court to withdraw cap deposits at Rs 1000, which was later raised to Rs 40,000 by the RBI. This caused huge panic and crisis among the depositors.

According to reports, more than 21,000 fake accounts were created by PMC Bank to hide the bad loans given to Housing Development and Infrastructure Limited, which have almost gone bankrupt. Bank also informed its NPA to RBI.

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