sanjay gulati
51-year-old Sanjay Gulati was an account holder at the scam-hit PMC Bank.Twitter

With new developments unfolding every other day, the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank has claimed another life. 51-year-old Sanjay Gulati was an account holder at the PMC Bank who passed away in Mumbai on Monday, October 15.

Gulati, who had more than Rs 90 lakh deposits in the Oshiwara branch of the PMC Back, died of a heart attack while having dinner hours after returning home from a protest against the PMC bank fraud by distressed customers outside a court in Mumbai.

It was on Monday morning when Gulati, a resident of Taporewala Gardens in Mumbai's Oshiwara, went for a protest march. The 51-year-old man had been under stress as his deposits were stuck in the disgraced PMC Bank.

The other depositors will reportedly hold a peaceful candle march today evening. A senior official at the Oshiwara police station told news agency PTI that the Oshiwara resident took part in the protest along with Gulati's 80-year-old father.

As per reports, Gulati was an employee of Jet Airways who was fired after the cash-strapped airline suspended its operations in April. Last month, the Reserve Bank of India (RBI) had placed curbs on withdrawals from the bank, capping them up to Rs 1,000 per customer for the next six months, which was later revised to Rs 25,000. However, on Monday, the withdrawal limit was increased to Rs 40,000.

A video of Gulati has been shared on social media, in which the deceased is heard saying that his family has a total of four accounts in the bank with a total deposit of around Rs 90 lakhs. Those accounts belonged to him, his wife and his parents.

PMC bank
Depositors and investors gather outside Bhandup Branch of the Punjab & Maharashtra Cooperative (PMC) Bank.IANS

The apex institution has put the PMC Bank under restrictions after it fraudulently extended loans to Housing Development & Infrastructure Ltd (HDIL)