Former Managing Director Of PMC Bank Joy Thomas Sent To Police Custody Till Oct. 17
Joy Thomas, suspended MD of PMC Bank, being produced before a court in connection with a multi-crore cheating case involving the bank. (Image courtesy: PTI)

Former Managing Director Of PMC Bank Joy Thomas Sent To Police Custody Till Oct. 17

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Former managing director of Punjab and Maharashtra Cooperative Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was today remanded in police custody till Oct. 17.

The Economic Offences Wing of Mumbai Police, which had arrested Thomas on Friday, produced him before Additional Chief Metropolitan Magistrate SG Shaikh.

The police told the court that they need his custody to interrogate him as he was part of the conspiracy.

However, Thomas's lawyer argued that he is being made a "scapegoat".

Also read: PMC Bank Crisis: Former Chairman Waryam Singh Arrested

On Thursday, the EOW had arrested directors of the bankrupt Housing Development &Infrastructure Ltd.’s Rakesh Wadhawan and his son Sarang in connection with the case. They are in police custody till Oct. 9.

Also read: PMC Bank Created Over 21,000 Fake Accounts To Hide Defaults By HDIL: Economic Offences Wing

The EOW had registered an FIR on Monday against senior officials of HDIL and PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

The FIR named former PMC Bank chairman Waryam Singh, Thomas and other senior officials, besides the Wadhawan duo.

The Enforcement Directorate had conducted raids at six locations in and around Mumbai on Friday after taking cognisance of the FIR registered by the EOW.

According to police, the HDIL promoters allegedly colluded with the bank management to take loans from its Bhandup branch in Mumbai.

Also read: PMC Bank Case: Why Housing Societies Got Locked Out Of Their Money

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