Mumbai: The sessions court granted bail to the former managing director of Punjab and Maharashtra Co-operative (PMC) Bank, Joy Thomas, in connection with a fraud case registered with the Economic Offences Wing.
Earlier this month, Thomas was granted bail by the special court in connection with the case on the grounds of long incarceration in prison.
The prosecution has alleged that Thomas was fully aware of the procedures and irregularities that occurred within the bank during the sanctioning of loans. Despite being dutybound to report these issues to the relevant authorities, he failed to bring them to the attention of regulators.
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