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Ex-MD of PMC Bank sent to police custody till Oct 17

Ex-MD of PMC Bank sent to police custody till Oct 17

MUMBAI: Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Saturday remanded in police custody till October 17. The economic offences wing (EOW) of Mumbai Police, which had arrested Thomas on Friday, produced him before Additional Chief Metropolitan Magistrate S G Shaikh.

The police told the court that they need his custody to interrogate him as he was part of the conspiracy.

However, Thomas’s lawyer argued that he is being made a “scapegoat”.

Suspended PMC Bank MD Joy Thomas arrested by Mumbai Police

Former managing director of the crisis-hit Punjab & Maharashtra Cooperative Bank, Joy Thomas, was on Friday arrested by the Mumbai Police in relation to the Rs 4,355 crore cheating case. The RBI came to know of the scam after Thomas wrote an alarming letter to the central bank alleging fraud. HDIL chairman Rakesh Wadhawan and his son Sarang are also in custody.

On Thursday, the EOW had arrested directors of the bankrupt Housing Development and Infrastructure (HDIL) Rakesh Wadhawan and his son Sarang in connection with the case. They are in police custody till October 9.

The EOW had registered an FIR on Monday against senior officials of HDIL and PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.
The FIR named former PMC Bank chairman Waryam Singh, Thomas and other senior officials, besides the Wadhawan duo.

PMC Bank scam: ED slaps laundering case on Wadhawans, seizes luxury cars

Enforcement Directorate on Friday seized around half a dozen luxury cars of HDIL promoters Rakesh Wadhawan and his son Sunny during raids on five HDIL premises in Mumbai including Wadhawan’s home. Sources said the raid will continue for a few days. ED has also identified a couple of big commercial premises around Bandra that HDIL ‘gifted’ a few politicians.

The Enforcement Directorate had conducted raids at six locations in and around Mumbai on Friday after taking cognisance of the FIR registered by the EOW.

According to police, the HDIL promoters allegedly colluded with the bank management to take loans from its Bhandup branch in Mumbai.

TimesofIndia

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