PMC Bank MD Daljit Singh Bal arrested on Nepal border

Patna: Daljit Singh Bal, managing director of the superseded Punjab and Maharashtra Co-operative Bank, Mumbai, was arrested on India-Nepal border on Thursday. He has been kept at Raxaul police station, 220 km north off Patna.

According to the police, Bal, who is the main accused in the Rs 4,315 crore scam in the PMC bank, was attempting to cross over to Nepal from where he was planning to escape to Canada. He was caught 200 metres away from Nepal border on the Bihar side.

According to an immigration official in Raxaul, Bal was on the run ever since an FIR was registered against him in Mumbai. "He was intercepted during routine questioning. He fumbled several times when asked about the purpose of his Nepal visit. We detained him to allay our suspicion. He finally broke down and revealed his identity. He also confessed that he was a fugitive and trying to elude the cops for the last two years. He had reached the Raxaul border by rail,’’ the official said. The Maharashtra police have been informed of his detention.

The Reserve Bank of India had taken over the board of directors of the bank and put regulatory restrictions after getting reports of major financial irregularities. On November 22 last year, the RBI prepared a plan to amalgamate PMC with the USFB after closure of business of the PMC on September 23, 2019.