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PMC Bank scam: Economic Offences Wing arrests two auditors

The arrested duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed and suspected to have played a key role in covering up the irregularities involving some top officials of the bank, he said.  

PTI Edited by: PTI Mumbai Published on: November 11, 2019 23:50 IST
PMC Bank scam: Economic Offences Wing arrests two auditors
Image Source : PTI

PMC Bank scam: Economic Offences Wing arrests two auditors 

Two auditors were arrested on Monday night in connection with the Rs 4,355-crore alleged Punjab and Maharashtra Cooperative (PMC) Bank scam by the Economic Offences Wing (EOW) of the Mumbai Police, an official said.

The arrested duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed and suspected to have played a key role in covering up the irregularities involving some top officials of the bank, he said.

Police had earlier called Sanghani and Lakdawala, the proprietors of Ashok Jayesh & Associates and Lakdawala & co, respectively, for questionning.

"They failed to give convincing replies regarding their role as the statutory auditors of the PMC Bank. They were arrested on Monday evening and booked under relevant sections of the Indian Penal Code," he said.

Probing the scam, the EOW suspects a nexus between some of the accused and HDIL group companies.

According to investigators, a deep-rooted conspiracy caused loss of public funds. 

The agency had said that six people have lost their lives due to loss of money and the public is protesting over the irregularities.

The police so far arrested five persons, including promoters of the HDIL and top officials of the PMC Bank.

Also Read: No pre-arrest bail for two directors of PMC Bank

Also Read: PMC Bank crisis: Depositors of scam-hit bank meet Mumbai police chief

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