PMC bank scam: Ex-bank manager, director sent to police custody by Esplanade court

In a fresh turn of developments, former Managing director of Punjab and Maharashtra Co-operative Bank (PMC) Joy Thomas has been sent to judicial custody for 14 days by Mumbai's Esplanade court for his alleged involvement in the scam.

"The probe agency had moved an application in the court for an extension of remand of Joy Thomas in police custody. We opposed their plea and the honourable court accepted it. Thomas has been sent to judicial custody now," said Rakesh Singh Arora, an advocate of Joy Thomas.

"We will also file a bail application soon and will also look into the proceedings of the investigation," he added.

Former PMC Bank Director S Surjit Singh Arora has also been sent to police custody till October 22 by the judicature.

Yesterday, former director of PMC bank SS Arora was arrested by the Economic Offences Wing (EOW) of Mumbai Police in connection with the scam.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

The Enforcement Directorate (ED) has seized and identified movable and immovable assets worth more than Rs 3,830 crore owned by Housing Development and Infrastructure Limited (HDIL) in connection with the case. As many as two PMC Bank customers died within 24 hours, including one Fattomal Punjabi and a 51-year-old former employee of Jet Airways named Sanjay Gulati.

Their families have alleged that they were "under stress" over the crisis in PMC Bank.