EX- MD Of PMC Bank Joy Thomas Sent To Police Custody Till October 17
Mumbai: Former managing director of Punjab and Maharashtra Co-operative Bank (PMC) 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 Offence Wing (EOW) of Mumbai Police, which had arrested Thomas on Friday, produced him before additional chief Metropolitan Magistrate SG shaikh.
The police told the court that they need his custody to integrate him as he was part of the conspiracy.
However, Thomas’s lawyer argued that he is being made a “scapegoat”. On Thursday the EOW has arrested the directors of bankrupt Housing Development and Infrastructure(HDIL) Rakesh Wadhawan and his son Sarang Wadhawan in connection with the case. They are in police custody till October 9.
The EOW has registered 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.
The enforcement directorate has conducted raid at 6 locations in and around Mumbai on Friday after taking cognizance of the FIR registered by the EOW.
According to the police HDIL promoters allegedly colluded with the bank management to take loans from its Bhandup Branch in Mumbai.
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