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 Transport

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..