PMC Bank: Moneylife Foundation Helping Distressed Customers to File Writ Petition in Bombay HC
Responding to the plight of distressed customers of scam-hit Punjab & Maharashtra Co-operative (PMC) Bank, Moneylife Foundation has decided to help them in filing writ petition in the Bombay High Court. 
 
This is a very limited window of opportunity. We need to verify all the details and file the petition within the next 72 hours. It is in your interest to participate in this legal action because sometimes court orders benefit only those who file the petition and not all those who are affected.
 
Steps to Join the Writ Petition
 
We are moving to the next step: actual legal action. Here is how a depositor and customer of PMC Bank can join the writ petition.
 
1. We need data to make the petition strong. For this share your basic information with us. If you have only a PMC Bank account please download the form from here. If you have an account in other banks as well please download the form from here.
 
2. Send the completed form to [email protected] with "Writ Petition in PMC Bank Matter" in the subject line.
 
3. For filing the writ, you would need to sign an affidavit and vakalatnama.
 
4. Visit Moneylife Foundation office at 304, 3rd Floor, Moneylife Foundation, Hind Services Premises Industries Limited, Near Chaityabhoomi, Opposite Hindu crematorium, Off Veer Savarkar Road, Shivaji Park, Dadar-28
 
5. Meet Aravind Natarajan, who is coordinator for this.
 
6. Contact on 022-49205000 / 7045156415 (WhatsApp for sending message only).
 
The reason we need detailed information about each case is because as part of the legal strategy, we wish to group the affected people under different heads. Also, you will be making affirmations in court, which has to be 100% accurate and we cannot have surprises later on and spoil our case. We will keep all information totally confidential and we will not share it with anyone else.
 
Our legal action follows a public meeting of PMC Bank depositors organised by Moneylife Foundation along with All India Bank Employees Association (AIBEA) and Centre for Financial Accountability (CFA) on 12 October 2019 at Mumbai. (Read: “If PMC bank depositors need a solution they have to get engaged in large numbers in a legal process”)
 
Moneylife Foundation was approached by several depositors of PMC Bank, highlighting not only their own woes but several systemic issues that are likely to destroy their financial credit and get them into serious legal difficulties, maybe even leading to imprisonment. 
 
Prior to the public meeting, Moneylife Foundation had sent a detailed memorandum to RBI on issues faced by depositors, the current position under the law and the reliefs sought. (Read: Memorandum to RBI Suggests Quick Sale of PMC Bank & Implementing Gandhi Committee Report to Prevent Frequent Collapse of Cooperative Banks
 
Moneylife Foundation also conducted a survey of PMC Bank depositors to collate specific details of hardship faced by them through an online survey tool. If you haven’t, fill up the Survey here https://www.surveymonkey.com/r/PMCBank 
  • Like this story? Get our top stories by email.

    User

    COMMENTS

    M Ramachandiran

    4 weeks ago

    Loan

    Vijayan Kurup

    4 weeks ago

    I wd like to know is there any chance to avoid delaying justice??? history shows very tragic story of depositors.

    M Ramachandiran

    1 month ago

    I am contacting my resume ladies PG chocolate factory road Tavarekere Bangalore 560029

    REPLY

    M Ramachandiran

    In Reply to M Ramachandiran 4 weeks ago

    Loan

    Mr Jitendra

    1 month ago

    What happened to Madhavpura Mercantile? Did all the large size depositors recover their capital with interest who lost it in 2001? Does media and moneylife have any clue on whether the money of large size depositors was returned with interest of 17+ years?

    P M Ravindran

    1 month ago

    I know that this is the right step under the circumstances. But the scope is limited and results are for short term, except for the delays inflicted by the courts. The long term need is to make the appointments in the judiciary merit based and transparent and the judges accountable. We also should ban advocates from courts. The judges are expected to know the law and the parties to the case, the facts. Thus between the threesome any dispute can be legally resolved, amicably. Advocates only muddy the waters where they can fish for themselves only. I remember attending the concluding function of a seminar on Access to Justice organised by the supreme court advocates on record association. The then Union Law Minister, Ravi Shankar Prasad, had illustrated a fact with an example of how at the beginning of a case the petitioner used to go the court in a car and the advocate on a bicycle and by the time the case was disposed of the petitioner was on a bicycle and the advocate in a car. Very diligently he avoided mentioning the outcome of the case itself.

    CHANCHALKUMAR DAGADE

    1 month ago

    money life Team First of all Thank you so much for your support to bank depositors.. Lets do our best.. We are with you. Do keep posting. I am submitting form on the behalf of my mother for the The City Co-Op Bank Ltd Mumbai. Thank you

    Anjali Upadhyay

    1 month ago

    Its Good Idea for literate people. I totally support this but please come back with some other solutions for not so educated peoples too. becz there are many having current account in PMC Bank and they are working in small group of business and they have just lost every thing, they have some lakhs of money in this bank but now could not operate their business at all at this time.

    Dinesh Bhaskar

    1 month ago

    Brilliant! Finally, one media house with a sense of genuinely wanting to help people in distress.

    Proud of the entire team @ MoneyLife!

    CHANDRASHEKHAR VINAYAK KAKATKAR

    1 month ago

    Thank You ML team - on behalf of the PMC depositors in distress.
    I have forwarded your msg to many of my relatives & friends thru Whatsapp group.
    Also offered them my services to fill up the form.
    Hope to get a good response.

    P S Krishnan

    1 month ago

    Well done ML. This is step that the Government - Either center or state and RBI should have initiated. You are doing a far effective work than Governments and RBI, all these frauds and inefficient Government and RBI employees should be sacked enmasse. Keep up the good work. PMC is an eye opener for me. I was planning to invest my retirement PF in a Bank FD, now I willl split it as 1 lakh in several banks and put a major part in Sundaram Finance FD which is Gold standard and more credible than Indian Sovereign Bonds. ML should initiate a campaign for hiking of deposit insurance on par with the investment, only the interest component should be at risk not the principal, the Entire principal should be compensated by the Government. Why should honest depositors suffer for RBI and Governments corruption and inept processes

    Ajihtkumar Pillai

    1 month ago

    Great to note that Moneylife js joining the poor PMC Bank Customers , who have been cheated, by offering legal support All the best for the same

    GLN Prasad

    1 month ago

    This is the exact way of helping isolated, distressed depositors. ML deserves high appreciation for this commitment.

    nadeem

    1 month ago

    Kudos to team Moneylife...! Always in the forefront fighting for the common man..!

    PMC fraud: Praful Patel under ED lens for using Wadhawans' jet
    Caught in the eye of the storm over 'Dawood-Mirchi' links, former Union Civil Aviation Minister Praful Patel faces yet another embarrassment for frequently using private jets of Wadhawans, accused in the Rs 4,355 crore Punjab and Maharashtra Co-operative(PMC) bank scam.
     
    Documents which are part of the Enforcement Directorate (ED), reveal that Patel, as the then Union Minister of Heavy Industry was a frequent flier on Wadhawans' luxury private jet Bombardier Challenger 300. 
     
    The passenger manifest report of Mumbai Airport, dated March 31, 2012, reveals that Patel, Rakesh Wadhawan, promoter of Wadhawan group, Bollywood actress Preity Zinta and a few other VIPs boarded AVT PIL Bombardier for Delhi from Mumbai at 4.30 p.m. 
     
    After a few weeks on 28 May, 2012, Patel boarded Wadhawan's Bombardier for his constituency Gondia from Mumbai with an American citizen identified as A. Scott, one Miss Kim Bora and two other passengers. A month later on June 23, the Nationalist Congress Party (NCP) leader charted VT PIL Bombardier again when he flew from Mumbai to Delhi. 
     
    Sources in the ED said that Patel as then Union Minister continued to charter Wadhwan's private jets for a long time.
     
    Involved in the dubious land deals allegedly executed by front man of drug kingpin Iqbal Mirchi, the NCP leader had been close to HDIL Chairman Rakesh Wadhawan, arrested in the multi-crore PMC bank scam, on charges of siphoning off public funds. 
     
    During investigation, ED sleuths discovered that Wadhawans owned a company, Privilege Airways Pvt Ltd, which purchased two ultra-luxury jets Falcon 2000 and Bomabardier Challenger 300, out of the public funds. 
     
    Both aircrafts were seized by the ED along with a fleet of Rolls Royce, Mercedes and BMW cars. The agency later procured the passenger list of both the aircrafts to ascertain whether luxury jets were loaned or given to the VIPs for a free ride. 
     
    Sources said that the list procured from the airport authorities reflect that Patel, his family and friends were the frequent fliers.
     
    While talking to media persons in Mumbai on Tuesday, Patel denied any links with D-company or Iqbal Mirchi and clarified that no money was exchanged with any member relating to any land deals. On links with Wadhawans and hiring his jets frequently despite being a public servant (Union Minister), Patel's version has yet to come. 
     
    Sources said that Wadhawans, arrested in the PMC Bank scam had loaned their private jets to many politicians and Bollywood stars during the past 7-8 years. 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User

    COMMENTS

    Tukaram Raja

    1 month ago

    All along it has been the borrowing customers of the bank cheating the despositors of the bank by not returning the bank dues. Now in India the bank has cheated the depositors, just for a change. Apparently the regulators which are RBI, DICGC, Finance Ministry and the so called F rauditors have joined together in this loot taking banking to new heights.

    Nagaraju Bommanahalli

    1 month ago

    Due to Maharashtra election both parties are close their mouth about PMC scam ,all parties BJP Congress NCP shivasena involved and taken huge bribe.
    I will ask both BJP and Congress,how much money recovered till today by selling assets of fraud persons who taken huge fraud loans,how much money returned to the bankrupted bank account holders , if you really honest give details how much fraud happen till today .don't do drama,I lost several lakhs from Alpic finance a NBFC in twenty five years back, but till today I have not received single paise , this Alpic finance company is a subsidiary of Cipla group, this NBFC done huge fraud,but till today no action taken, these companies go to court and take stay order for the sale of theirs assets, Court will drag the case to twenty to thirty years at that time all investers will die, these fraudessters enjoy our loot money with political leaders, these are all drama nothing will happen only poor will die
    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 [email protected] 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,[email protected],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.

    P M Ravindran

    1 month ago

    I do not know if Praful Patel's role in the privatisation of Delhi and Mumbai airports and purchase of unwanted planes for air india will also reach any logical end.

    Nagaraju Bommanahalli

    1 month 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 [email protected] 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,[email protected],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

    REPLY

    dr.anandagarwal58

    In Reply to Nagaraju Bommanahalli 1 month ago

    Very true

    Monika Bhatia

    1 month ago

    #NOTA #NOVOTE
    MAHARASHTRA ELECTIONS
    PMC BANK VICTIMS NEED FASTRACK JUSTICE
    DONT KILL PEOPLE

    Monika Bhatia

    1 month ago

    RBI recapitalise pmc bank
    You have assets seized attached
    Do merger with larger bank
    Release money of customer
    Politicians are deemed murderers
    They looted the bank
    Y innocent people suffer
    They declared investment
    Paid taxes
    Hardearned money savings of life of 30 40 years

    Monika Bhatia

    1 month ago

    #need justice politicians looted pmc bank
    Recapitalise pmc
    RBI merge pmc with larger bank
    Justice wanted

    Monika Bhatia

    1 month ago

    Shocking news of deaths mounting whether cardiac arrest or suicides @pmc bank victims !!!!!
    This was bound to happen.... Many many more with illness stress or deemed dead we aren't aware of....Bureaucrats looted the bank.And now they are not even worried of senior citizens who are loyal vote banks ; paid taxes ; declared investments;hardearned saving of entire life; such vulnerable section of society who are victims of pmc bank are suffering pains with sleepless nights and are restless.Why can't govt asks RBI to recapitalise the bank immediately if they say they have got enough assets seized and attached.Relief sd be expeditiously done.No more deaths and deemed death. NOTA and No Vote #pmcbank victims for Maharashtra Elections!!! Fast track resolution.

    PMC Bank Fraud: Sanjay Gulati with Rs90 Lakh Stuck, Dies After Protest, say Reports
    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.
     
  • Like this story? Get our top stories by email.

    User

    COMMENTS

    ASHWIN AMRITLAL MEHTA

    1 month 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.

    P M Ravindran

    1 month 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.

    Nagaraju Bommanahalli

    1 month 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 [email protected] 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,[email protected],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

    Jibu Marks

    1 month 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.

    CHANDRASHEKHAR VINAYAK KAKATKAR

    1 month ago

    What will the ED do with the seized property? Sell it - after it has lost value?

    Aditya G

    1 month ago

    Tragic and sad.

    TIHARwale

    1 month 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.

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone