PMC Bank Crisis: 12 Protesters detained

PMC Bank Crisis: 12 Protesters detained

The depositors of scam-hit Punjab and Maharashtra Cooperative ( PMC) Bank organisers had planned a protest in Khar but things did not go as planned for them. Twelve depositors of the now defunct bank were detained by police. 

These depostiros were trying to stage a protest outside the Khar residence of HDIL promoters Rakesh Wadhawan and his son Sarang, who are the main accused in the bank fraud case. This protests was organised after Supreme Court put a stay on Bombay High Court's order to shift the Wadhawans from jail to their home. Intially around 25 depositors had gathered to protest some distance away from the Wadhawan's residence. 

They were stopped by the police but some of them squatted on the road adjacent to Wadhawan's house causing traffic woes for the commuters. This is when the police decided to detain them.

According to the police, these depositors were were released after some time.

The HDIL promoters Rakesh Kumar Wadhawan and his son Sarang R. Wadhawan have been in police custody since October 2019. As per the Bombay High court order they will now be kept at their residence under two jail guards to ensure their cooperation with the committee. The High Court has also established a three member comittee to evaluate the encumbered assets and to recover outstanding. 

The news of the PMC scam first made headlines on 23rd Sep, 2019 when RBI put a cap on the withdrawals. Eearlier the sealing was set at a mere Rs 1,000 per account holder and has now been raised to Rs 50,000 per account holder. The depositors of the bank have been staging protesting and requesting the Finance Minister of the country and the CM of the state to step into the matter and help them.

Ever since the matter has come to light, over 10 people who had an account in this bank have died, because they were unable to access their own funds.