PMC Bank Fraud: HC grants bail to three directors

The Bombay High Court on Wednesday granted bail to Rajneet Singh, Trupti Bane and Mukti Bavisi the directors of the Punjab and Maharashtra Cooperative (PMC) bank, accused in the multi-crore PMC bank scam case. The HC has granted them bail on a surety of Rs 1 lakh each.

A single-judge bench of Justice Prakash Naik has also ordered the trio not to leave the country without the court's permission. The judge has also ordered them to surrender their passports with the Economic Offences Wing (EOW) of the Mumbai Police.

The trio is further asked to report to the EOW twice a week, confirmed advocate Rahul Gaikwad, representing Bane and Bavisi.

In their defense, the trio had argued that the chargesheet filed by the EOW doesn't have sufficient material to prosecute them. They also argued that most of them joined the bank only after 2011, whereas the prosecution has claimed that the conspiracy for the fraud took place way back in 2008-2009.

A detailed copy of the bail order is yet to be made available.

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Free Press Journal