PMC Bank ex-MD Joy Thomas arrested

PMC Bank ex-MD Joy Thomas arrested
Officials have been on the lookout for Thomas since last week when the police registered an FIR against the bank’s management and HDIL in connection with the Rs 4,355.43 crore cheating case

The Economic Offences Wing (EOW) of Mumbai Police on Friday arrested Joy Thomas, the now-suspended Managing Director of scam-hit Punjab and Maharashtra Cooperative (PMC) Bank.

According to sources, officials have been on the lookout for Thomas since last week, when the police registered an FIR against PMC bank’s management and HDIL for causing losses to the tune of Rs 4,355.43 crore to the bank.

On September 28, Thomas sent a letter to Reserve Bank of India (RBI) in which he admitted that the bank did not report the quantum of the exposure to the group to the central bank for over six years.

The arrest comes a day after the EOW arrested Rakesh Kumar Wadhawan and Sarang Wadhawan of Housing Development and Infrastructure Limited (HDIL) in connection with the same case.

Rakesh is the executive chairman of the now-bankrupt developer, while his son Sarang is the vice-chairman and managing director of the firm. Both were called for interrogation yesterday and placed under arrest after they failed to co-operate in the investigation.

The agency has also frozen their assets, worth an estimated Rs 3,500 crore. Both have been sent to police custody till October 9 by the Esplanade Court.

Earlier today, the Enforcement Directorate (ED) also raided six locations in and around Mumbai and registered a money-laundering case to probe alleged fraud in the PMC bank case.

The ED’s Enforcement Case Information Report (ECIR) is based on an EOW’s FIR.

Also Read: PMC Bank withdrawal limit hiked to Rs 25,000 from 10,000


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