PMC Bank case: EOW opposes bail plea of 2 directors

A man walks out from a PMC (Punjab and Maharashtra Co-operative) Bank branch in Mumbai, India. (Reuters Photo)

The Economic Offences Wing (EOW) of Mumbai Police on Friday opposed pre-arrest bail pleas of two directors of the Punjab and Maharashtra Cooperative Bank in connection with the alleged Rs 4,355 crore scam.

Parmeet Sodhi and Surjit Singh Narang had filed anticipatory bail applications before additional sessions judge S T Soor here.

Opposing their pleas, the EOW, in its written submission, said prima facie nexus between some of the accused and HDIL group companies has been made out by the agency. It said the deep-rooted conspiracy caused loss of public funds.

The agency said that six people have lost their lives due to loss of money and the public is protesting over the irregularities.

The probe cannot reach the logical conclusion and deep-rooted conspiracy cannot be unfolded without custody, it said.

The EOW has so far arrested five people, including promoters of realty group HDIL and top bank officials, in connection with the case.

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