New Delhi: Mumbai Police on Tuesday detained several depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank who staged a protest outside NSE building at Bandra Kurla Complex against Union Finance Minister Nirmala Sitharaman.
Sitharaman was present at the National Stock Exchange (NSE) building to attend an event.
As a political struggle unfolds following the Maharashtra Assembly polls between the ruling alliance BJP and Shiv Sena, the PMC Bank protests over the financial scam appear to be worsening by the day.
The development comes just a day after, on Monday, another depositor of the fraud-ridden bank, Andrew Lobo, died after being unable to access his money on time for medical treatment, the family claimed.
According to reports from family members, Lobo sold off his business and house in Mulund following his retirement, earning close to Rs 30 lakh, and deposited it in PMC Bank.
Since the bank has been swamped in deep crisis, his money got frozen in the bank accounts, resulting in huge trouble for the depositor who planned to use it for his lung infection treatment.
This marks the eighth death of a depositor of the PMC Bank. On November 2, a 64-year-old depositor had passed away due to a heart attack at the hospital in Navi Mumbai.
Earlier, on October 22, a 73-year-old woman died of a heart attack in Mumbai as her daughter and son-in-law had vast deposits worth Rs 2.5 crore in the bank.
The multi-state cooperative PMC Bank came under the RBI scanner after an alleged fraud of Rs 4,355 crore scam emerged causing the Supreme Court to cap deposit withdrawals at Rs 1000, later hiked to Rs 40,000 by the RBI. This resulted in immense panic and distress among depositors.
If reports are to believed, the PMC bank had created over 21,000 fictitious accounts to hide bad loans extended to Housing Development and Infrastructure Limited, which is almost-bankrupt. The bank also under-reported its NPAs to the RBI.