This paper situates the collapse of the PMC Bank (PMCB) in a proper historical and comparative perspective. The change management strategy stems from the modus operandi, differences between commercial and cooperative banks and the endeavor of various Committees to set things right. Issues, such as, depositors' interest, examination of multi-layered issues, fraud control strategies, critical success factors (CSFs) and the roadmap ahead emerge clearly. This paper, which stresses the need to devise more effective response by all stake-holders, has important policy prescriptive implications in strengthening fraud control strategies.