Mumbai

Joy Thomas sent to 14-day judicial custody

A metropolitan magistrate at the Esplanade court on Thursday remanded Joy Thomas, the former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, in judicial custody for 14 days. Mr. Thomas, who is an accused in the ₹4,355-crore PMC Bank fraud case, was produced before the court by the Economic Offences Wing (EOW) of the Mumbai Police.

Former director of the bank Surjit Singh Arora, who was arrested on Wednesday and remanded in EOW custody for five days, was also produced in court. EOW officials told the court that Mr. Arora had covered up the alleged fraud, did not report it and abused his official position to enable the fraud.

He was also on the bank’s loan committee for three terms and was a director with the bank for over 10 years. Mr. Arora knew about the irregularities at the bank and had received crores of rupees from one of the HDIL companies, the EOW said.

The agency said Mr. Arora was untraceable ever since the other accused were arrested. He had kept his phone switched off and stopped living in his house. Mr. Arora’s lawyer Rizwan Merchant contested the EOW’s application for custody and said Mr. Arora was not summoned even once after the FIR was registered.

Mr. Merchant said only the EOW was in possession of all documents. Mr. Merchant also questioned why no other director was arrested. EOW officials informed the court that all other directors had gone underground, and the agency will arrest them.

The court after hearing both sides remanded him in police custody till October 22. He is the fifth person to be arrested in the case.

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Printable version | Jul 15, 2020 6:29:27 PM | https://www.thehindu.com/news/cities/mumbai/joy-thomas-sent-to-14-day-judicial-custody/article29729501.ece

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