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PMC scam: Mumbai court sends ex-MD Joy Thomas in 14-day judicial custody

Today's development comes a day after the Mumbai police had said that it was likely to call a few more bank employees for questioning in connection with the scam.

By: Express Web Desk | New Delhi |
Updated: October 17, 2019 12:37:28 pm
PMC Bank fraud: Ex-MD Joy Thomas sent to police custody till Oct 17 Former Managing Director of PMC Bank Joy Thomas.

A Mumbai court Thursday sent former Managing Director (MD) of Punjab and Maharashtra Co-operative Bank, Joy Thomas in judicial custody for 14 days. The court also remanded former PMC Bank Director S Surjit Singh Arora in police custody till October 22, news agency ANI reported.

Today’s development comes a day after the Mumbai police had said that it was likely to call a few more bank employees for questioning in connection with the scam. Sources had said on Wednesday that these officials were close to Thomas and had access to the 44 accounts linked with Housing Development Infrastructure Limited (HDIL) directors Rakesh and Sarang Wadhawan, where the money was alleged to have been fraudulently transferred.

Mumbai Police’s Economic Offences Wing (EOW) had arrested the HDIL directors, former PMC Bank chairman Waryam Singh and Thomas in connection with the Rs 4,355-crore scam. The scam allegedly had led to withdrawal restrictions at Rs 25,000 being imposed by the RBI on the bank. The police custody of Wadhawans, Thomas and Waryam Singh ended on Wednesday.

Meanwhile, a delegation of 15 depositors of Punjab & Maharashtra Co-operative (PMC) Bank will meet former Prime Minister Dr Manmohan Singh in Mumbai today, to discuss their grievances & request his intervention in the matter.

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-with agency inputs from ANI

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