Joy Thomas former MD PMC Bank.
Joy Thomas former MD PMC Bank.
ANI Photo

Mumbai: Ousted Managing Director of the Punjab and Maharashtra Co-operative bank, Joy Thomas, was arrested by the Economic Offences Wing of the Mumbai police in connection with the Rs 4355 crore fraud in the bank on Friday evening.

Thomas (56) reportedly sent the sleuths on a wild goose chase in the last few days by staging a dramatic disappearance and constraining the investigators to paste a notice at his Bhandup residence, asking him to join the multi-crore fraud investigation. He is the third arrest in the case.

Thomas has been charged with cheating, fraud, falsification of accounts and criminal conspiracy in the FIR filed by the EOW. As per the EOW, Thomas, along with the employees and members of the Board of Directors, had colluded with the promoters of HDIL in perpetrating the systemic loot.

By Debasish Panigrahi

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