PMC ex-director in police custody

Mumbai, October 17 

A Mumbai court today remanded Punjab and Maharashtra Cooperative (PMC) Bank’s former director Surjit Singh Arora in the police custody till October 22 in connection with the multi-crore scam at the bank.

Police’s Economic Offences Wing (EOW), which is probing the scam, told the court that Arora “abused his official position to facilitate the fraud”.

The court also remanded bank’s former managing director Joy Thomas in judicial custody, after his police remand ended today. Arora was arrested by the EOW yesterday after being summoned by the investigating agency for questioning in connection with the alleged Rs 4,355 crore scam at the PMC Bank. — PTI 

‘Regulator, auditor be held responsible’

As far as PMC Bank or any other bank is concerned, it is the job of the regulators first to look into those issues. It is the auditor, who should be held responsible… if anyone is involved in fraud, the ED has taken action. — Anurag Thakur, MOS Finance