PMC Bank Scam: Two Auditors Held

Mumbai, Nov 11 (PTI) Two auditors were arrested on Monday night in connection with the Rs 4,355-crore alleged Punjab and Maharashtra Cooperative (PMC) Bank scam by the Economic Offences Wing (EOW) of the Mumbai Police, an official said.

The arrested duo, Jayesh Sanghani and Ketan Lakdawala, had served as statutory auditors when the scam was committed and suspected to have played a key role in covering up the irregularities involving some top officials of the bank, he said.

Police had earlier called Sanghani and Lakdawala, the proprietors of Ashok Jayesh & Associates and Lakdawala & co, respectively, for questionning.

"They failed to give convincing replies regarding their role as the statutory auditors of the PMC Bank. They were arrested on Monday evening and booked under relevant sections of the Indian Penal Code," he said.

Probing the scam, the EOW suspects a nexus between some of the accused and HDIL group companies.

According to investigators, a deep-rooted conspiracy caused loss of public funds.

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

The police so far arrested five persons, including promoters of the HDIL and top officials of the PMC Bank. PTI

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)