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Mumbai: Rs 4,335 crore fraud case - Missing PMC Bank MD Joy Thomas nabbed

  •   Fri, Oct 04 2019 08:23:47 PM

Mumbai, Oct 4 (IANS): The Punjab & Maharashtra Cooperative Bank Ltd's missing Managing Director Joy Thomas was arrested here on Friday in connection with the Rs 4,335 crore fraud case, an official said here.

"Yes, we have arrested the official in connection with the PMC Bank case registered by the Economic Offences Wing here," Mumbai Police spokesperson, DCP Pranay Ashok told IANS.

 

Absconding since the past four days, Thomas' arrest came a day after the Chairman and Managing Director - Rakesh Kumar Wadhwan and Sarang Wadhwan - respectively, of the realty major HDIL were arrested by the same department and their asserts worth Rs 3,500 crore frozen on Thursday.

 
  

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Comment on this article

  • Dsouza, Mudarangadi/Udupi

    Sat, Oct 05 2019

    Loops in financial policies influence them to do these kind of activities.

    DisAgree Agree [7] Reply Report Abuse

  • ARMANDO, urwa

    Sat, Oct 05 2019

    Why the size of fraud came down from 7600cr to 4335cr.

    DisAgree Agree [3] Reply Report Abuse

  • SmR, Karkala

    Fri, Oct 04 2019

    The Punjab & Maharashtra Cooperative Bank fraud is similar to the Punjab National Bank which duped By Diamond Modi's shining India.
    The Punjab National Bank Fraud Case relates to the fraudulent letters of undertaking worth ₹11,356.84 crores (US$ 1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. The fraud was allegedly organized by jeweler and designer Nirav Modi.

    PMC Bank’s MD Joy Thomas has confessed to hiding details of defaults by HDIL from the bank’s board, auditors and RBI. Dummy accounts were created on his instructions to hide the non-performing accounts.

    First, it is PM Modi's BJP government invalidated the old currency in the name of 'Demonetisaiton'.
    Once the entire nation deposited the money in the loss-making banks they put a limitation on withdrawals. The same time money is given to the crony capitalist who sponsored the BJP election campaign. Once the elections are over and BJP has won with considerable majority, these capitalist has given safe passage to settle in the tax haven with money. The same money then circumvented through PM Modi's overseas visits to help the government in publicity and winning assembly elections and buying opposition MLA's from the ruling parties.

    PMC Bank: has 12 directors who have close ties with BJP, co-director, Ranjeet Singh BJP member. He is the son of MLA Sardar Tara Singh, who is a four-time MLA from BJP.

    Now there will be only 12 PSU banks Modi govt's megabank merger drive. But RBI with a new Governor master's degree in History is making the history of our banks serving the nation.

    PMC is the new join the club of PNB. Is IDBI, UCO, Yes Bank our own life-saving LIC is the next victims of the mass corruption under loot and scoot?

    Wake up India. Wake up. Please open the Dollar account or Basket of currency or else migrate to a new country with your own savings before you become bankrupt.
    Jai Hind

    DisAgree [4] Agree [9] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Fri, Oct 04 2019

    Without the blind eye approach by auditors both internal & external and the RBI auditors, this wouldn't have happened..,.

    The trust of public for CA profession is under threat...,

    The profession of intelligence, independence & integrity is under threat...,

    DisAgree [1] Agree [6] Reply Report Abuse

  • Sanjay Serrao, Mangalore

    Fri, Oct 04 2019

    Then why he was absconding?

    DisAgree [1] Agree [13] Reply Report Abuse

  • Hussain, Kaup

    Fri, Oct 04 2019

    Thihar people can see joy in future

    DisAgree [1] Agree [17] Reply Report Abuse

  • Sanjsy, Hebri

    Fri, Oct 04 2019

    Another chor caught

    DisAgree [5] Agree [20] Reply Report Abuse

  • Howdy, Mangalore

    Fri, Oct 04 2019

    Why so many financial frauds and absconding cases after BJP rule since 2014???. Instead of solving and improving their financial status BJP is helping them leave the country with money and merging loss making banks with profit making banks to drown both banks in loss. But our history graduate RBI governor is saying banks are stable. Is it stable in loss????...GDP has been lowered to 6% from 6.9% a confidence booster for $5 tr economy!!!!?????....Only possibility of Rs 5 tr economy soon with sliding rupee and no exports and high imports.

    DisAgree [23] Agree [23] Reply Report Abuse

  • Shawn, Manipal, Udupi.

    Sat, Oct 05 2019

    For your kind information... It is $5 trillion economy....
    Heights of your arrogance and ignorance. God bless people like you who send wrong information to us the citizens of this proud nation ruled by the greatest PM India has ever had.

    DisAgree [3] Agree [7] Reply Report Abuse

  • Uday, Brahmavar

    Sat, Oct 05 2019

    Mr. Howdy,

    You should educate yourself on Indian economy from 2003 -2014. It's real estate bubble from shadow banking with politicians money parked with builders, corrupt bank officials and wealthy business people taking consumers for a ride. This is long overdue, ultimately, it came to an end sooner than later as Modi govt is cracking down on builders, black money and bank officials. During financial crisis in the West, Prime Minister Manmohan Singh said Indian banks are safe -- it's BS. They should have had oversight and cleaned up the bank in 2008-2009, but Cong govt didn't want to piss off their members.

    DisAgree [6] Agree [9] Reply Report Abuse

  • Jossey Saldanha, Atlanta

    Fri, Oct 04 2019

    Rakesh Kumar Wadhwan & Sarang Wadhwan are the Culprits & Joy Thomas is the Scapegoat ...

    DisAgree [27] Agree [30] Reply Report Abuse

  • Hussain, Kaup

    Fri, Oct 04 2019

    Because of name????

    After investigation many joy will come out...

    DisAgree [19] Agree [20] Reply Report Abuse

  • Prashant Karkera, Hejamady

    Fri, Oct 04 2019

    Don't play minority victim card now, a criminal is a criminal, no Lienancy for religion, even Franco should face the law of the land....

    DisAgree [11] Agree [28] Reply Report Abuse

  • Hussain, Kaup

    Fri, Oct 04 2019

    If so why he was absconding like chiddu??

    DisAgree [2] Agree [5] Reply Report Abuse

  • sk, Mangalore

    Sat, Oct 05 2019

    This is real secularism

    DisAgree [1] Agree [5] Reply Report Abuse

  • John Tauro, M'lore

    Sat, Oct 05 2019

    What makes you think a man holding the MD's position is a scapegoat? You also said Bishop Franco was framed on false charges.

    DisAgree Agree [1] Reply Report Abuse


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