When Former PMC Bank MD Joy Thomas Became Junaid Khan Before Allegedly Executing Rs 4,355 Crore ScamFormer PMC MD Junaid Khan aka Joy Thomas

Former Punjab and Maharashtra Cooperative (PMC) Bank Managing Director (MD) Joy Thomas converted to Islam and assumed the name Junaid Khan in 2012, following which he brought 10 properties in Pune allegedly as part of Rs 4,355 crore scam, India Today has reported.

After converting to Islam Thomas married his assistant while he was still wedded to his first wife.

Following this, since 2012 he jointly purchased these 10 properties which included 9 flats and 1 shop were purchased in various parts of Pune, under the name of Junaid Khan.

He as a result is accused of holding these properties under his new identity and that of his second wife.

This property buying spree coincided with Housing Development and Infrastructure Ltd (HDIL) promoters Rakesh and Sarang Wadhawan stopped repaying their existing loans and borrowed additional funds.

“If we are able to prove those bought from the proceeds of crime then we can initiate proceedings and attach these properties”, an official part of the investigation was quoted as saying.

The combined value of these properties is said to be Rs 4 to 5 crore. Thomas’ first wife filed divorce against him six months ago and the proceedings in that matter are on. He was arrested in connection with this matter on 4 October.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement