Rs 43 billion PMC Bank scam accused arrested close to the India-Nepal border while trying to flee country

WION Web Team
NEW DELHI Updated: Feb 04, 2022, 07:21 PM(IST)

People outside Punjab and Maharashtra Cooperative (PMC) Bank branch. Photograph:( Zee News Network )

Story highlights

The multi-billion fraud was exposed in September 2019 when it was discovered that the co-operative bank had reportedly created phoney accounts to disguise approximately Rs 67 billion in loans granted to the nearly insolvent HDIL.

The Economic Offences Wing (EOW) of India's Mumbai police detained Daljit Singh Bal, one of the major suspects in the Punjab and Maharashtra Cooperative (PMC) Bank Scam, on Thursday in Bihar, according to officials.

The Mumbai police issued a lookout circular (LOC) against Daljit in 2019.He is one of the major suspects in the Rs 43 billion money laundering scheme. 

According to reports, Daljit was detained by the immigration department 200 metres before entering Nepal.

The EOW has been notified by the Immigration Department.

Daljit is now being held at the Raxaul police station.

The EOW team has arrived in Patna, according to sources.

Daljit Singh Bal

Daljit Singh Bal

The multi-billion fraud was exposed in September 2019 when it was discovered that the co-operative bank had reportedly created phoney accounts to disguise approximately Rs 67 billion in loans granted to the nearly insolvent HDIL.

According to the investigations launched by the ED in 2019, Diljeet assisted in the clearing of loans to HDIL, which led to the bank's crisis.

(With inputs from agencies)

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