The Economic Offences Wing (EOW) has frozen the bank accounts of Joy Thomas, the suspended Managing Director of the Punjab and Maharashtra Cooperative (PMC) Bank.
This comes after a local court here sent Thomas to police custody till October 17 on Saturday.
Thomas was arrested yesterday after the Economic Offences Wing of Mumbai Police registered a case against senior officials of Housing Development and Infrastructure Ltd (HDIL) and PMC bank in connection with a fraud of over Rs 4,355 crore. He was on the run after the case was registered.
Thomas had on September 28 admitted that the bank did not report the financial exposure to the Reserve Bank of India (RBI) for over six years.
The promoters of debt-ridden Housing Development and Infrastructure Ltd (HDIL) Rakesh and Sarang Wadhawan, accused in PMC Bank scam, were sent to police custody till October 9 yesterday.
The duo was arrested after they failed to cooperate in the investigation. A total of 10 out of 44 accounts that led to the bank falling in debt were linked to HDIL. Personal accounts of the accused were among those 10 accounts.
According to the police, PMC bank officials gave loans to HDIL between 2008 and 2019 despite no repayment of the previous loans.
The FIR was registered under various sections of the Indian Penal Code (IPC), including criminal breach of trust, cheating, and forgery.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app