Former MD, Director Of PMC Bank Sent To Judicial Custody By Mumbai Court In Multi-Crore Scam

The Managing Director (MD) of Punjab and Maharashtra Co-operative Bank, Joy Thomas aka Junaid Khan has been sent to judicial custody for 14 days by a Mumbai Court in the Rs 4,355-crore scam. Former PMC Bank Director S Surjit Singh Arora has also been remanded in police custody till 22 October, The Indian Express reported.

Mumbai police is planning to call few more bank employees for questioning in connection with the scam, who were close to Thomas.

According to police officials, these bank bank officials had access to the 44 accounts linked with Housing Development Infrastructure Limited (HDIL) directors Rakesh and Sarang Wadhawan allegedly used for money laundering.

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 has had a huge impact on depositors who now have withdrawal restrictions at Rs 25,000 being imposed by the RBI on the bank.

Former Prime Minister Dr Manmohan Singh, earlier, met some of the depositors of Punjab & Maharashtra Co-operative (PMC) Bank who requested his intervention in the matter.