Thomas, former managing director of PMC Bank, sent to police custody till 17 October

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  • Punjab and Maharashtra Co-operative (PMC) Bank’s former Managing Director (MD) Joy Thomas was sent to police custody till 17 October on Saturday.
  • Thomas has been arrested in the bank scam of Rs 4,355 crore.
  • The Economic Offenses Wing (EOW) of Mumbai Police sent Thomas as Additional Chief Metropolitan Magistrate S.K. G. Presented to Sheikh.
  • Police said in court that he needed to detain Thomas for questioning as he had been part of the conspiracy.
  • However, Thomas’ counsel argued that Thomas was being made a “scapegoat”.
  • The Economic Offenses Wing of the Mumbai Police on Thursday arrested Housing Development and Infrastructure (HDIL) director Rakesh Wadhavan and his son Sarang Wadhawan in the same case.
  • He has been sent to police custody till 9 October.
  • The Mumbai Police on Monday filed an FIR against senior officials of PMC Bank and HDIL for causing a loss of Rs 4,355.43 crore to the bank.
  • The FIR names Varayam Singh, former chairman of PMC Bank, Joy Thomas, Managing Director, Wadhawan of HDIL and other officials.
  • The Enforcement Directorate (ED) conducted raids in six locations in and around Mumbai on Friday, taking cognizance of the FIR lodged by the Economic Offenses Wing.



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