Mumbai police's EOW arrests suspended PMC Bank MD Joy Thomas

Mumbai police's EOW arrests suspended PMC Bank MD Joy Thomas

Mumbai police on Thursday arrested two directors of the Housing Development Infrastructure Ltd (HDIL) in the PMC Bank scam, an official said.

Thomas, according to PTI, was summoned to the EOW office at the Mumbai Police headquarters and was arrested after a round of questioning. This was allegedly facilitated through the creation of more than 20,000 fake bank accounts.

On September 30, EOW of Mumbai Police had registered an FIR against senior officials of HDIL and PMC Bank in connection with a fraud of over Rs 4,355 crores. However, in the wake of the crisis at PMC Bank, the RBI is reviewing the regulatory framework for cooperative banks, he said. "Despite non-payment, the bank officials did not classify the loans as non-performing advances and intentionally hid the information about the same from RBI", an official statement from the police said.

The FIR named former PMC Bank chairman Waryam Singh, Thomas and other senior officials, besides the Wadhawan duo.

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He was responding to a slew of questions on how RBI was caught napping as the scam at the leading cooperative bank was going on for around eight years and its exposure to HDIL was over 73% of its total book and that too the account had been an NPA for long.

In August 2019, a complaint filed by a director of Mack Star Marketing, a joint venture between Ocean Deity Investment Holdings and HDIL Group alleged that the majority shareholder was not informed of loans of over Rs 135 crore disbursed by Yes Bank to the JV entity. Their personal accounts were among these ten accounts.

It is alleged that HDIL, which is facing bankruptcy proceedings, and its group companies had taken huge loans from PMC Bank.

On Thursday, the Reserve Bank of India on Thursday raised withdrawal limit for account holders of the stressed PMC Bank to Rs 25,000 from earlier withdrawal limit of Rs 10,000.

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