Archive · 29 Jul 2025
PMC Bank Under Scrutiny Over Undisbursed ₹87.5 Crore Loan
Imagine a bank approved a big loan, like ₹87.5 crore, to a company for a building project.
The bank said they would give the money, but they never actually did.
Even though the company didn't get the money, the bank kept charging interest, making the amount owed even bigger.
Auditors checked and found no record of the money ever being given or paid back.
It looks like someone was pretending to be someone else and used fake papers.
Now, the case is being looked at by a special court to figure out what really happened.
PMC Bank sanctioned a ₹87.5 crore loan to Prithvi Realtors, but it was never disbursed.
A certified audit revealed the discrepancy, showing interest was charged despite no funds being released.
The audit found no record of funds being credited to the borrower or any loan repayments.
An arbitration panel highlighted orchestrated fraud involving impersonation and forged documents.
The case has moved to the National Company Law Tribunal (NCLT) for further scrutiny.
- Who
- PMC Bank and Prithvi Realtors and Hotels Pvt. Ltd are involved.
- What
- An audit exposed alleged fraud at PMC Bank involving a loan that was sanctioned but not disbursed.
- When
- The loan was sanctioned around or before October 31, 2012.
- Where
- The collateral for the loan was land in Vasai, Thane district.
- Why
- The details of why the loan was not disbursed and the underlying fraud are under investigation.
- Bank
- PMC Bank
- Loan Amount
- ₹87.5 crore
- Borrower
- Prithvi Realtors and Hotels Pvt. Ltd
- Auditing Firm
- Deepak Singhania & Associates
- Collateral
- 53,000+ sq meters of land in Vasai
- Current Status
- Under review by NCLT