Ex-PMC Bank MD Joy Thomas arrested by Mumbai Police

Mumbai, Oct 04: The Economic Offences Wing (EOW) of the Mumbai Police on Friday detained Joy Thomas, the former Managing Director (MD) of the beleaguered Punjab and Maharashtra Co-operative Bank (PMC), in connection with the ₹4,355 crore scam that hit the lender, earlier this month.

Thomas was summoned to the EOW office at the city police headquarters and arrested after questioning, a police official told PTI.

Thomas' arrest comes after HDIL chairman and managing director Rakesh Wadhawan and his son Sarang were on Friday sent to police custody till 9 October in the PMC Bank scam.

Earlier on Thursday, Economic Offences Wing had arrested Rakesh Kumar Wadhawan and Sarang Wadhawan (HDIL) officials in PMC case. These are the first arrests made in the case.

According to reports, Rakesh Kumar Wadhawan, is the executive chairman of the HDIL, while Sarang Wadhawan, is the managing director. The authorities have also frozen their assets worth Rs 35,000 crore.

Based on a complaint by RBI-appointed administrator, the city police's Economic Offences Wing filed a FIR in the case for forgery, cheating and criminal conspiracy against the officials.

As per investigations, the bank's losses since 2008 were Rs 4,355.46 crore, police said. The bank's former chairman Waryam Singh, managing director Joy Thomas and other senior officials, along with the director of HDIL, Wadhawan, have been named in the FIR. First name of Wadhawan was not immediately available.