PMC Bank: Joy Thomas, former MD, Arrested by Mumbai EOW
Moneylife Digital Team 04 October 2019
The Economic Offences Wing (EOW) of Mumbai police on Friday arrested Joy Thomas, former managing director (MD) of Punjab and Maharashtra Cooperative (PMC) Bank. This is the third arrest in the Rs4355 crore PMC Bank scam. 
On Thursday, the EOW had arrested Rakesh Kumar Wadhwan and his son Sarang, both promoters and directors Housing Development and Infrastructure Ltd (HDIL).
 Earlier this week, the EOW has registered a first information report (FIR) against senior officials of HDIL and PMC Bank. This included, PMC Bank's now-suspended Managing Director Joy Thomas, Chairman Waryam Singh and other executives. It also mentioned involvement of Sarang Wadhawan, the vice chairman and managing director of HDIL. 
The FIR has been filed under Sections 409 (criminal breach of trust by a public servant or banker), 420 (cheating), and 465, 466 and 471 (related to forgery) of the Indian Penal Code along with 120 (b) (criminal conspiracy). 
As per the complaint, the bank officials, between 2008 and 2019, deliberately violated banking norms and showed false profits to mislead the authorities, although the bank was actually incurring losses. 
It also said that the bank also veiled the group's large exposure and non-performing assets (NPAs) from the Reserve Bank of India (RBI) by creating dummy accounts.
ramchandran vishwanathan
4 years ago
EOW , ED wake up only after the incident has happened . Where are they when the bank is conducting all. other businesses other than what's it's mandated for
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