Reportedly former Managing Director of Punjab and Maharashtra Cooperative (PMC) Bank has been sent to police custody for 12 days till October 17 after he was produced in the mumbai magistrate court on Saturday in connection with the bank fraud case. Joy Thomas, the former managing director of PMC Bank, was arrested by SIT (Special Investigation Team) of mumbai Police's Economic Offences Wing (EOW) on Friday evening.
The EOW on Thursday had arrested two directors of the Housing Development and Infrastructure Ltd (HDIL) (HDIL) Sarang Wadhawan and Rakesh Wadhawan after registering a case on Monday for allegedly causing loss to the tune of Rs 4,355.43 crore to the bank.
The prosecution informed the court that the investigating agency needs at least 14 days custodial remand to interrogate Joy Thomas since he is one of the prime accused who had connived and conspired with HDIL directors. It is alleged that Joy Thomas had directed employees of the bank to create false sheets showing fictitious accounts to hide the loans borrowed by HDIL which resulted in thousands of crores of NPA (Non-performing assets).