Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, who was arrested in connection with the alleged scam of Rs 4,355 crore at the bank, was on Saturday remanded in police custody till October 17.
Late on Saturday evening, former PMC chairman Waryam Singh was arrested by the Economic Offences Wing (EOW) of Mumbai Police. This is the fourth arrest in the alleged scam at the bank.
The EOW had earlier arrested directors of the bankrupt Housing Development and Infrastructure (HDIL) Rakesh Wadhawan and his son Sarang in connection with the case. Both of them are in police custody till October 9.
An FIR was registered against senior HDIL and PMC Bank for allegedly causing losses worth Rs 4,355 crore to the bank. In the FIR, Waryam Singh, Thomas and other senior officials had been named besides Wadhawan and his son.
Thomas was produced before Additional Chief Metropolitan Magistrate SG Shaikh, a day after he was arrested by the Economic Offences Wing (EOW) of Mumbai Police.
The police said they needed Thomas’ custody for interrogation. However, Thomas’ lawyer argued that he was being made a “scapegoat”.
Taking cognisance of the FIR by the EOW, the Enforcement Directorate (ED) conducted raids at six locations in and around Mumbai on Friday.
Police said that the HDIL promoters allegedly colluded with the bank management to take loans from its Bhandup branch in Mumbai.
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