Punjab and Maharashtra Co-operative Bank (PMC) used more than 21,000 fictitious ...
MUMBAI - Punjab and Maharashtra Co-operative Bank used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by Indian officials, in the latest banking fraud case to spook the country’s depositors and investors.
A single realty firm and its group companies were the beneficiaries of 44 loans, according to the complaint. It also names bankrupt realty company Housing Development and Infrastructure Ltd , along with its former senior executives Sarang Wadhwan and Rakesh Wadhwan, who were beneficiaries of the loans.
The PMC case has sparked renewed concerns about the health of India’s troubled banking sector, which has been rocked by a multi-billion dollar fraud at a state-run lender, the collapse of a major infrastructure lender, bad loan issues at state-run banks and a liquidity squeeze that has hit shadow lenders.
Dozens of account holders gathered outside an RBI office in Mumbai on Tuesday to protest against the curbs and demand that the central bank and government intervene to release their funds.
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