No bail for PMC Bank scam accused

MUMBAI: A court here on Wednesday rejected a temporary bail plea of former Punjab and Maharashtra Cooperative (PMC) Bank director Jasvinder Singh Banwait.

Banwait was arrested in March by the Economic Offences Wing (EOW) of the Mumbai Police in connection with the alleged scam at the PMC Bank.

He had sought interimbail citing ill-health and the coronavirus pandemic.


Opposing the application, special public prosecutor Ajay Misar argued Banwait was one of the prime accused and the EOW had established his role in the scam.

Accepting his submission, additionalchief metropolitan magistrate R K Rajebhosale rejected the bail plea.

About the ground of ill-health, the court observed that he can get medical tratment in jail.

Everyone has some or other ailment, and this ground can not be considered at this juncture, the court added.

Banwait was a director of the PMC Bank and member of its Loan, Investment and Executive Committee when the alleged Rs 4,355 crore scam involving Housing Development and Infrastructure Ltd (HDIL) took place.

Over 70 per cent of the bank''s advances went to HDIL group. Until now 15 persons have been arrested in connection with the scam.