Money & Banking

PMC Bank scam: Mumbai Police to investigate how RBI audit missed the fraud

Forum Gandhi Mumbai | Updated on October 16, 2019 Published on October 16, 2019

Mumbai Police chief interacting with the depositors of PMC Bank assured that those involved in the scam would not be spared.   -  BusinessLine

The Mumbai Police will investigate as to how the Reserve Bank of India missed the ongoing at the PMC bank.

Interacting with over 100 depositors of PMC, Sanjay Barve, Commissioner of Police, said, "Audit by RBI should have revealed discrepancies. We are looking at why it did not show in the forensic audit of RBI. The loans are in different names. We are looking at why the loans were not revealed. We will not spare independent auditors, cooperative auditors, and RBI auditors. No one will be able to leave the country."

Read also: How the PMC Bank scam was kept hidden for many years

The depositors have been protesting outside the Esplanade court since the hearing on the case began. The Economic Offences Wing of the Mumbai Police is investigating the case.

On Monday afternoon, one of the depositors, Sanjay Gulati died after a heart attack.

"We understand that the monies of gurdwaras, societies, and small business owners, along with other depositors, are stuck. We will not spare anyone involved in this scam," Barve assured the depositors.

Published on October 16, 2019
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