Surjit Singh Arora, a former director of the Punjab and Maharashtra Bank was arrested by Mumbai police’s Economic Offences Wing on Wednesday, reports PTI.
Arora was a director at the PMC Bank and was also on the bank’s loan committee, according to an official. Earlier, he was questioned by the Special Investigation Team to get information on the bank’s loan disbursement process.
Meanwhile, depositors have been allowed to withdraw up to Rs 40k from the PMC Bank reeling under Rs 4,355 crore fraud.
But despite the hike in withdrawal limit, the fraud in PMC bank has sadly triggered a spate of suicides among the depositors. Over the last few days people with substantial amounts of money in their accounts have allegedly ended their lives.