Bombay high court(File photo)
MUMBAI: In an interesting development the Bombay high court on Friday rejected the interim bail granted to two former directors of the Punjab and Maharashtra co operative bank Daljit Singh Bal and Gurnam Singh Hoth in the PMC bank scam.
While dismissing the interim relief granted to them by the session court, justice Sadhana Jadhav stated that both the accused do not deserve any discretionary relief under section 438 Crpc. On May 2 the session court had passed an order not to arrest them until further order.
Interestingly Bal and Hothi were very much in Mumbai and were enjoying their interim bail since May this year but no sooner did they learnt that their bail have been rejected, both have once again gone underground.
“We have carried out searches of their houses but both are not traceable. Our teams are looking for them and strict action will be taken if we found somebody is sheltering them”, Said an officer. Sources said the duo are planning to move the Supreme Court against the high court order.
The Economic Offences Wing (EOW) of Mumbai probing the multi-crore PMC bank scam had issued a look-out circular (LOC) against Bal and 10 more former directors of PMC Bank. Bal, Rajneet Singh, Jagdeesh Mukhey, Gurnam Singh Hothi, Trupti Bane, Parmeet Sodhi, Jaswinder Singh Banwait, Brij Bhishan Handa, Mukti Bavisi and Ompdakash Uppal are accused in the case.
Hothi’s daughter is married to Bal’s son Inderjit Singh Bal.
Police have filed three supplementary charge sheets against 19 accused and are looking for three more accused including Hothi and Bal and Parmeet Kaur Sodhi who is based in Canada.
In October last year the EOW had registered the FIR against PMC bank and HDIL of committing a fraud of more than 4,700 crores against arrested the chairman Waryam Singh, managing director Joy Thomas, HDIL director Sarang Wadhan. The accused bankers were accused of conspiring with the HDIL to sanction various loans. Instead of declaring the NPA accounts, they hid it from RBI and presented bogus records to cover up and thus violated the guidelines of the co operative banks.Bank officials also allegedly allowed unlawful loans between 2008 and August 2019 and even when there were defaults on repayments for years, would not classify these loans as non-performing assets (NPAs).