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Ex-MD of PMC Bank Joy Thomas sent to police custody till October 17

PTI Mumbai | Updated on October 05, 2019 Published on October 05, 2019

Joy Thomas, suspended MD of PMC Bank before a Court for the 4,355 crore cheating case involving the bank on Saturday in Mumbai.   -  Photo: Paul Noronha

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

The Economic Offences Wing (EOW) of Mumbai Police, which had arrested Thomas on Friday, produced him before Additional Chief Metropolitan Magistrate S G Shaikh.

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

Read more: Ex-MD of PMC Bank arrested

However, Thomas’s lawyer argued that he is being made a “scapegoat”.

On Thursday, the EOW had arrested directors of the bankrupt Housing Development and Infrastructure (HDIL) Rakesh Wadhawan and his son Sarang in connection with the case. They are in police custody till October 9.

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.

Published on October 05, 2019
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