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.

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