In yet another damning revelation in the PMC Bank saga, documents reviewed by Dainik Bhaskar and Dainik Jagran show that Awas Developers & Construction Pvt. Ltd. was sanctioned loans worth ₹135 crore by Punjab and Maharashtra Co-operative (PMC) Bank — but received only ₹30 crore in actual disbursements. Despite this, PMC Bank has raised a claim of ₹170.30 crore in arbitration proceedings, a move that has now come under serious scrutiny.
A Chartered Accountant’s certification by Deepak Singhania and Associates and a detailed RBI inspection report expose glaring inconsistencies in PMC Bank’s loan accounting practices. The CA report, based on scrutiny of Statements of Account (SOA), mortgage deeds, and sanction letters, reveals that after August 30, 2012 — the RBI-identified Non-Performing Asset (NPA) classification date — no loan disbursement took place. Only accrued interest entries were recorded, suggesting a deliberate inflation of liabilities.