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Crisis-hit PMC Bank used dummy accounts to escape RBI's attention

The bank misled auditors of the RBI by replacing legacy accounts of the company with dummy accounts, dating back to 2008

Bank frauds | HDIL | cooperative banks

Anup Roy & Subrata Panda  |  Mumbai 

PMC Bank
RBI inspectors and auditors, short of time, did not feel the need to dig out old accounts until offsite inspections around 2017 raised their suspicion and they demanded old records

Relations between Punjab and Maharashtra Co-operative Bank (PMC Bank) and Housing Development & Infrastructure (HDIL), which is facing bankruptcy proceedings, were highly symbiotic.



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First Published: Mon, September 30 2019. 01:38 IST