
PMC Bank probe finds another ghost account operator
MUMBAI: Investigators into the Punjab and Maharashtra Cooperative (PMC) Bank fraud have detected another borrower — the Abchal Group — that concealed its identity through password-protected accounts, much in the manner of Housing Development and Infrastructure Ltd (HDIL). These ‘ghost accounts’ are suspected to have been operated by entities with the knowledge of arrested bank officials, sources said. These accounts allegedly belonged to the Abchal Group, loans to which have turned bad, saddling the bank with a Rs 300 crore liability. Not much information seems to be publicly available on the Abchal Group or its promoters. According to details available with Registrar of Companies (RoC), Shri Abchal Property Investment Pvt Ltd was incorporated in 1992 with a share capital of Rs 1 lakh. T...