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PMC Bank Fraud: Sanjay Gulati with Rs90 Lakh Stuck, Dies After Protest, say Reports
Moneylife Digital Team 15 October 2019
Economy & Nation
One more depositor, Sanjay Gulati, whose family have about Rs90 lakh stuck in the fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank, died on Monday due to to cardiac arrest soon after returning home from a protest against the bank at Killa Court in Mumbai. Irony is he first lost his job in the Jet Airways crisis and then all his family's life savings of Rs90 lakh got stuck in PMC Bank after the Reserve Bank of India (RBI) put restrictions on the lender.
 
According to a report from Times of India, the Gulati family has Rs90 lakh held up Oshiwara branch of PMC Bank. The secretary of Tarapore Gardens, where the Gulati family resides, told the newspaper, "Sanjay and his father CL Gulati worked at Jet Airways. First Sanjay lost his job, now his savings. He had no history of serious ailments. He only had a thyroid problem. On Monday, he attended a protest rally by depositors, where he saw many agitated and crying. Sanjay returned around 3.30pm and slept. Around 4.45pm, he asked his wife to serve food. As he was eating, he slumped and died. We are all shocked." 
 
Sanjay, his parents and wife, had accounts in PMC Bank, where they had this money stuck up. Speaking with India Toda TV, his relative, Rajesh Duo says, the family needed money on regular basis, as Sanjay's son is specially-abled and require regular treatment. "Sanjay had been disturbed for the past several days as he was not able to withdraw money from his own account," Rajesh Dua told the channel. 
 
 
On Monday, around 200 depositors of PMC Bank held protest at the Killa Court in Mumbai's Fort area.
 
Comments
ASHWIN AMRITLAL MEHTA
5 years ago
Judiciary is not at all for a common man. At every stage they depend on evidences to give even the simple judgement. The Auditors are second to blame and the manner in which LLB degrees are being awarded is the root cause of all these mesh.System’s failures are because of few advocates who has taken the judiciary in their ban. And ultimately the lack of Morality from all these responsible people.
Reply
P M Ravindran
5 years ago
Sad, extremely sad. And I would blame the judiciary for the mess we are in, more than the politicians and bureaucrats because these two are only taking advantage of the failure of the judiciary to dispense timely justice and justice which is seen to be done. The judges can blame the investigation, prosecution etc for their failure. But I would just like to ask how are these agencies involved in the RTI case involving declaration of judges' assets? It is still pending in the apex court for over a decade now., though the apex court hearing a case against itself is in itself ridiculous.
Reply
Nagaraju Bommanahalli
5 years ago
In India nobody knows how Indian companies are doing fraud from the beginning to last ,for example a big business men will start the company in India as below .His companies actual value is Rs2000crores but with the help of the auditors,Banks,and chartered accountants he made his company s values to RS 6000 crores by book adjustment with bribe and he call IPO that is in share market and collect Rs10000 crores in share market, first he pumped 60%of money to foreign country in the name of business and will deposit most of the money in his name next he will file bankruptcy due to losses and will write off all the loans this is the business doing in India ED is doing drama ICICI Bank chandakochar is well known to all she done huge fraud in ICICI Bank, this drama of enquire is doing from past one year, but still she is not arrested, reasons In this icici bank scam all SEBI auditors ED RBI central government rating agencies big leaders of all parties involved.central government making all efforts to avoid arrest these fellows,if arrested all all foreign country become knows most of the Indian companies running on bogus and take away all foreign investment,then India become bankruptcy.This is well known by central government hence avoiding all efforts to arrest directors of icici bank chandakochar DHFL jetairways Videocon kingfisher airline PNB bank head il@fs etc .even Vijaymalya kingfisher airline companies don't have single plane in his companies name but all banks gave Rs10000 crores money, same type loans gave to jet airways,DLF, Devan housing finance company,il@,fs,etc wait in few months most of the common people investment in icici bank NBFC PSU banks equity NCD mutul funds become Zero,All parties RBI officers, SEBI, etc are corrupt they are taking India towards bankruptcy ,all rating agencies gave AAA rating by giving huge bribe, auditors gave bogus audited financial statement
Reply
Jibu Marks
5 years ago
Sudden failure of banks and collapse of NBFCs clearly shows that regulators and authorities are sleeping. Even after such incidents, the time taken for resolution and pepper redressal of depositors concerns is time consuming.

Time for the country to wake up to the helplessness of the common man who trusts such institutions which are fully authorised by Govt. to (mal) function without any control.
Reply
CHANDRASHEKHAR VINAYAK KAKATKAR
5 years ago
What will the ED do with the seized property? Sell it - after it has lost value?
Reply
Aditya G
5 years ago
Tragic and sad.
Reply
TIHARwale
5 years ago
Had it not been a fact that public is under the illusion that Public Sector Banks are extended arm of Government and repeated annual bail out by Government the PSBs also would have gone the PMC way.
Reply
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