ED Seizes 180.7 Acres in PMC Bank Scam
ECONOMY & POLICY

ED Seizes 180.7 Acres in PMC Bank Scam

In connection with the Punjab and Maharashtra Co-operative (PMC) Bank scam case, the Enforcement Directorate (ED) has attached a sprawling 180.7-acre land parcel located in Sindhudurg. This move is part of the ongoing investigation into financial irregularities and mismanagement at PMC Bank, which shook the banking sector and impacted thousands of depositors.

The land parcel, situated in Sindhudurg, has been seized by the ED as part of its efforts to recover assets allegedly acquired through fraudulent means. The attachment of the land is aimed at preventing its misuse or disposal by individuals involved in the scam, ensuring that it remains available for restitution to affected parties.

The PMC Bank scam, which came to light in 2019, exposed systemic lapses and governance failures within the cooperative banking sector. The revelation of unauthorized lending and diversion of funds led to panic among depositors and raised concerns about the overall stability of the banking system.

The ED's action to attach the 180.7-acre land parcel underscores its commitment to pursuing accountability and justice in cases of financial fraud and malpractice. By seizing assets linked to the PMC Bank scam, the ED aims to recover funds and provide relief to depositors who suffered losses due to the fraudulent activities of bank officials and stakeholders.

The investigation into the PMC Bank scam continues, with authorities working diligently to uncover the full extent of wrongdoing and bring those responsible to justice. The attachment of the land parcel in Sindhudurg marks another significant step in the effort to hold accountable those involved in perpetrating financial crimes and safeguarding the interests of depositors and stakeholders.

In connection with the Punjab and Maharashtra Co-operative (PMC) Bank scam case, the Enforcement Directorate (ED) has attached a sprawling 180.7-acre land parcel located in Sindhudurg. This move is part of the ongoing investigation into financial irregularities and mismanagement at PMC Bank, which shook the banking sector and impacted thousands of depositors. The land parcel, situated in Sindhudurg, has been seized by the ED as part of its efforts to recover assets allegedly acquired through fraudulent means. The attachment of the land is aimed at preventing its misuse or disposal by individuals involved in the scam, ensuring that it remains available for restitution to affected parties. The PMC Bank scam, which came to light in 2019, exposed systemic lapses and governance failures within the cooperative banking sector. The revelation of unauthorized lending and diversion of funds led to panic among depositors and raised concerns about the overall stability of the banking system. The ED's action to attach the 180.7-acre land parcel underscores its commitment to pursuing accountability and justice in cases of financial fraud and malpractice. By seizing assets linked to the PMC Bank scam, the ED aims to recover funds and provide relief to depositors who suffered losses due to the fraudulent activities of bank officials and stakeholders. The investigation into the PMC Bank scam continues, with authorities working diligently to uncover the full extent of wrongdoing and bring those responsible to justice. The attachment of the land parcel in Sindhudurg marks another significant step in the effort to hold accountable those involved in perpetrating financial crimes and safeguarding the interests of depositors and stakeholders.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code