PMC: Rajneet remanded in custody till Nov 25

Rajneet Singh, son of a former BJP MLA from the Mulund constituency, was sent to police custody till November 25. Singh was arrested by the Economic Offences Wing (EOW) police on Saturday evening and produced before the Esplanade Court on Sunday. Interestingly, soon after the court hearing, EOW took him to his residence in SionKoliwada to find a paper trail or search for evidence in connection with the ongoing investigation into the Rs 4,355 crore scam in the Punjab and Maharashtra Co-operative (PMC) Bank.

EOW police conducted a search at Rajneet’s residence in Karmashetra building at Sion-Koliwada area. The search was underway for over an hour, while his family members were asked to wait outside the building during the operation. However, it is not clear what was recovered and seized from the flat, an EOW official said.

Rajneet, a former director of the bank, is also a member of the bank’s loan recovery committee.

On Saturday, he was interrogated about the loan given to the HDIL group of companies. He was also questioned about their long-pending dues and the efforts made to recover them. According to the investigating officers, the answers given by Rajneet were unsatisfactory and unconvincing. The investigation established Rajneet’s active involvement in the offence, following which he was arrested on Saturday evening, the officers said.

Rajneet is the ninth person to be arrested in the case so far.