New Delhi: In the latest development to the Punjab and Maharashtra Co-operative (PMC) Bank case, the Economic Offences Wing (EOW) of the Mumbai Police on Tuesday arrested 3 directors of the board of the bank. Also Read - PMC Row: Nearly 78% of Scam-Hit Bank Depositors Allowed to Withdraw Entire Balance, Says Nirmala Sitharaman

The three directors, who were arrested by the EWO, include Jagdish Mookhey, Mukti Bavisi, and Trupti Bane. As per updates, they will be produced before a Mumbai court on Wednesday. Also Read - PMC Bank Case: Depositors Hold Protest After RBI Files Affidavit in Bombay High Court

The development comes two weeks after the EOW arrested a former director of PMC Bank on November 16. Identified as Rajneet Singh, the arrested director is the son of former BJP MLA Tara Singh.

Prior to this, the EOW had last month also arrested two auditors in connection with the multi-crore PMC Bank scam. Including today’s arrest, a total of nine people have been arrested so far by the EOW in connection with the scam.

After irregularities surfaced in the bank, the RBI, taking stringent action, had restricted the activities of the Bank for six months and asked it not to grant or renew any loans and advances, and make any investment.

The action from the RBI came because of major financial irregularities, failure of internal control and systems of the bank and wrong or under-reporting of its exposures under various off-site surveillance reports.

Taking the further course of action, the RBI later terminated the bank’s board of directors under Sub-Sections 1 and 2 of Section 36 AAA read with Section 56 of the Banking Regulation Act 1949.

A multi-state urban cooperative bank, the PMC Bank has operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. The bank also has a network of 137 branches and ranks among the top 10 cooperative banks across the country.