PMC bank scam: Ex-MD Joy Thomas sent to judicial custody for 14 days

Our Bureau Mumbai | Updated on October 17, 2019 Published on October 17, 2019

Joy Thomas, former MD, PMC Bank

Joy Thomas, former MD OF PMC Bank has been sent to judicial custody for 14 days. 

Economic Offenses Wing has also been granted the police custody of Surjeet Singh Arora, one of the directors of PMC Bank till October 22.

Thomas and Arora along with four others were booked for financial irregularities at PMC Bank.

Arora was arrested on October 16 by EOW. Waryam Singh, ex-chairman of PMC Bank, along with Sarang and Rakesh Wadhwan MD and Chairman of Housing Development Infrastructure Limited (HDIL) have also been sent to Judicial Custody till October 23.

Enforcement Directorate (ED), which is simultaneously probing the matter is said to have moved an application to get custody of the accused. They are all alleged of a fraud of over Rs 4,355 crore. Personal properties of all the alleged accused have been provisionally attached to recover the dues.

Read more: How the PMC bank scam was kept hidden for years

Meanwhile, the Reserve Bank of India increased the limit of withdrawal for depositors to Rs 40,000 within six months from Rs 25,000.

Mumbai Police chief on Wednesday met about 100 depositors to address their queries about the alleged fraud. Sanjay Barve, Commissioner of Police said that they will be probing so as to how did the RBI auditors miss out on the financial irregularities for over 10 years with the bank.

Published on October 17, 2019
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