PMC Bank row: Mumbai man who lost money in scam-hit bank and job at Jet Airways dies of cardiac arrest

The man's father said they had a deposit of over Rs 90 lakh with the PMC Bank, and also a recurring deposit account for the children.

Press Trust of India October 15, 2019 20:28:23 IST
PMC Bank row: Mumbai man who lost money in scam-hit bank and job at Jet Airways dies of cardiac arrest
  • A 51-year-old Mumbai resident whose deposit of over Rs 90 lakh was stuck with the scam-hit PMC Bank died of a cardiac arrest.

  • Sanjay Gulati, the deceased, had lost his job at Jet Airways when the airline was grounded in April, his family said.

  • He also had a specially-abled child to support.

Mumbai: A 51-year-old Mumbai resident whose deposit of over Rs 90 lakh was stuck with the scam-hit PMC Bank died of a cardiac arrest, hours after taking part in a protest by bank customers who are seeking their money back.

Sanjay Gulati, the deceased, had lost his job at Jet Airways when the airline was grounded in April, his family said. He also had a specially-abled child to support.

Gulati and his 80-year-old father CL Gulati participated in the depositors' protest in south Mumbai on Monday morning. Later, while having a late lunch at his house in suburban Oshiwara, Sanjay collapsed, his family said. He was rushed to a hospital where he was declared brought dead. The cause of death was given as cardiac arrest.

PMC Bank row Mumbai man who lost money in scamhit bank and job at Jet Airways dies of cardiac arrest

File image of a PMC Bank branch. PTI photo

"He had lost his job recently and was extremely stressed for the last few days after the bank crisis. He feared we will not get any of our money back," wife Bindu Gulati told reporters on Tuesday.

The family was struggling to pay tuition fees for their specially-abled son who needs special education and special medical attention, entailing high expenditure, she said.

Sanjay's father said they had a deposit of over Rs 90 lakh with Punjab & Maharashtra Cooperative Bank, and also a recurring deposit account for the children. Following the discovery of an over Rs 4,000 crore scam at the bank, which has deposits of over Rs 11,000 crore, the Reserve Bank of India last month appointed an administrator over it, and capped withdrawals at Rs 1,000.

On Monday evening — the same day Gulati died — the withdrawal cap was hiked to Rs 40,000, with the RBI saying that it will give relief to 77 percent of depositors.

Real estate firm HDIL allegedly accounted for 70 percent of the bank's Rs 9,000 crore advances. According to the Mumbai Police's Economic Offences Wing, HDIL's loans turned Non-Performing Assets, but the bank management shielded this huge exposure from the RBI's scrutiny.

The EOW has arrested four persons including HDIL promoters and former top officials of the bank.

Depositors confronted finance minister Nirmala Sitharaman during her visit to Mumbai last week, seeking assurance that their money was safe. Manali Narkar, one of the agitating depositors, said Gulati participated in the protest and went home a dejected man.

"What else we can do? We have nowhere to go to get our hard-earned money back, nor do we have any concrete assurances," she said.

The depositors have planned a candlelight march on Tuesday evening in Gulati's memory.

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