ED Seizes 180.7 Acres in PMC Bank Scam

11 Apr 2024 CW Team

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.

Infrastructure Energy

14 Oct 2025

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..