PMC bank scam: Rajneet Singh, former director and son of ex-BJP MLA Sardar Tara Singh, arrested by Mumbai Police

Besides being a director, Rajneet Singh is a member of the loan recovery committee of the Punjab and Maharashtra Cooperative (PMC) Bank

Press Trust of India November 16, 2019 22:42:49 IST
PMC bank scam: Rajneet Singh, former director and son of ex-BJP MLA Sardar Tara Singh, arrested by Mumbai Police
  • Rajneet Singh, son of ex-BJP MLA Sardar Tara Singh, was on Saturday arrested by the Mumbai Police's Economic Offences Wing (EOW)

  • Besides being a director, Rajneet is a member of the loan recovery committee of the Punjab and Maharashtra Cooperative (PMC) Bank

  • Rajneet was questioned over the loan provided by the bank to HDIL group of companies and the steps taken, if any, to recover the pending dues, the official added

Mumbai: One of the directors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank, Rajneet Singh, son of ex-Bharatiya Janata Party (BJP) MLA Sardar Tara Singh, was on Saturday arrested by the Mumbai Police's Economic Offences Wing (EOW), an official said.

PMC bank scam Rajneet Singh former director and son of exBJP MLA Sardar Tara Singh arrested by Mumbai Police

Representational image. News18

Rajneet was taken into custody in evening at the EOW office, as investigators found his replies on the loan granted to the realty group HDIL, which has failed to repay, unsatisfactory and unconvincing, according to the official. Besides being a director, Rajneet is a member of the loan recovery committee of the bank, he said.

Rajneet was questioned over the loan provided by the bank to HDIL group of companies and the steps taken, if any, to recover the pending dues, the official added.

"Rajneet provided unsatisfactory and unconvincing explanations, which hints at his likely role in the scam," he said, adding that Rajneet will be produced before a holiday court and his police remand will be sought.

So far, nine persons have been arrested in connection with the alleged Rs 4355-crore scam including three top bank officials and two promoters of HDIL —Rakesh and Sarang Wadhawan, and auditors.

The EOW suspects a nexus between some of the accused and the realty group HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of administrator by RBI and restrictions on withdrawal of funds.

The EOW had earlier told a sessions court that prima facie a nexus between some of the accused and HDIL group companies has been made out by the investigators who suspected a "deep-rooted conspiracy". Six people had died due to loss of money, it had said.

Tara Singh had served as the MLA from Mulund constituency in Mumbai.

Updated Date:

also read

Over 1,000 cops in Delhi test COVID-positive; active cases on Mumbai’s force climb to 400
India

Over 1,000 cops in Delhi test COVID-positive; active cases on Mumbai’s force climb to 400

Recently, Delhi police commissioner Rakesh Asthana had issued a Standard Operating Procedure for preventing the spread of the coronavirus among police personnel

How arrest in ‘Bulli Bai’ app case led to the nabbing of ‘Sulli Deals’ cybercrime mastermind
India

How arrest in ‘Bulli Bai’ app case led to the nabbing of ‘Sulli Deals’ cybercrime mastermind

Delhi Police has revealed that Niraj Bishnoi, the main accused in the Bulli Bai app case, was in touch with the creator of the Twitter handle “@sullideals”, which was used to create the 'Sulli Deals' app on GitHub

Bulli Bai app case accused also involved in Sulli Deals, Mumbai Police tells city court
India

Bulli Bai app case accused also involved in Sulli Deals, Mumbai Police tells city court

The police also opposed the bail pleas of the three arrested in the 'Bulli Bai' app case, stating that they ‘could flee or tamper with evidence in the case’