Mumbai : PMC Bank Crisis: Adv Nitin Satpute strongly opposes anticipatory bail application of two directors

PMC Bank Crisis: Adv Nitin Satpute strongly opposes anticipatory bail application of two directors

In a new development leading to the Punjab and Maharashtra Cooperative Bank crisis, the anticipatory bail application filed by the directors has been strongly opposed by the bank’s advocate Nitin Satpute and his legal team on behalf of the Depositors in Court Room No.37 at the Bombay Sessions Court, at 1.30 pm. Meanwhile an intervention application has been moved and allowed by the Sessions Court which was heard by Adv Nitin Satpute on behalf of the Investors.

Apparently, there is an involvement of the present applicant accused in this case.
Ironically, the present applicants accused in the alleged bank crisis have kneck-deep involment deep in the present crime relevant to the present transaction.

The prosecution is verifying and probing to get all the computer data for sending it to the forensic department. Since, the present applicant is involved in the scam, therefore, Custodial interrogation is necessary and the present applicant needs to be interrogated with the arrested accused together to find out the disbursements of the funds. The applicants are directors and have liability jointly and severally with other directors. Reportedly they have played similar role with the other accused too.

However, applicant claims that that he is a bed-ridden person and not involved in any activity of the bank in the present fraud in the PMC bank. But being a director he is also responsible and has committed fraud for his personal benefit
Adv Nitin Satpute argued that PMC Bank crisis is a gross and deliberate criminal negligence by the higher officers of the RBI, and they need to be booked and arrested. Otherwise Indian Banking System will not improve and poor people, Investors Depositors and Account Holders will continue to suffer a monitory problems. Intriguingly, the Bank has ignored the illegality and irregularity of the PMC bank when they could have monitored the illegally unauthorisidly loans sanctioned by the PMC. However, they deliberately ignored it with Criminal Neglegence, Criminal Conspiracy and abetment in crime with the arrested accused.
Special PP misal also has strongly opposed the bail application of the two applicants.
Adv Nitin Satpute prayed for Cancellation of anticipatory bail application with the direction to surrender the applicant before the EOW within 24 hours from the date of order.

Now the matter kept for order on 11th November, 2019
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News Edit by K.V.Raman

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