The Bombay High Court on Wednesday granted bail to Mukti Bavisi, Trupti Suhas Bane, and Rajneet Tara Singh — three former directors of Punjab & Maharashtra Cooperative (PMC) Bank — in the alleged ₹4,355-crore fraud case.
A single judge Bench of Justice P.D. Naik allowed the application of the three on a cash bond of ₹1 lakh. The Bench, however, rejected the bail plea of Dr. Vishwanath Sridhar Prabhu, valuer of the bank.
The court imposed bail conditions such as appearing at the Economic Offences Wing’s (EOW) office for investigation, surrendering passports and not tampering with evidence. They had approached the court after the sessions court rejected their bail applications in May 2020.
Ms. Bane was a member of the recovery committee from 2010-2015 and member of the loan committee since 2015. Ms. Bavisi, is the independent non-executive director since 2011 and member of the loan committee. They are both not involved in the day-to-day affairs and operations of the PMC Bank.
Mr. Singh, who was arrested on November 16, 2019, was a former member on the board of directors of the bank. He is the son of Mulund Sardar Tara Singh, a four-time Bharatiya Janata Party MLA from Mulund constituency.
On February 5, the EOW filed a supplementary charge sheet against Mr. Singh, Jagdish Mookhey, Ms, Bane, Ms. Bavisi and statutory auditors, Jayesh Sanghani and Ketan Lakdawala, and concurrent auditor Anita Kirdat.
