Ex-MD of PMC Bank sent to police custody till Oct 17

Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with alleged Rs 4,355 crore scam at bank, was on Saturday remanded in police custody till October 17.

Ecomic Offences Wing (EOW) of Mumbai Police, which h arrested Thomas on October 4, produced him before ditional Chief Metropolitan Magistrate S G Shaikh.

police told court that y need his custody to interrogate him as he was part of conspiracy. However, Thomas's lawyer argued that he is being me a "scapegoat".

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On October 3, EOW h arrested directors of bankrupt Housing Development and Infrastructure (HDIL) Rakesh Whawan and his son Sarang in connection with case. y are in police custody till October 9.

EOW h registered an FIR on Monday against senior officials of HDIL and PMC Bank for allegedly causing losses to tune of Rs 4,355.43 crore to bank.

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FIR named former PMC Bank chairman Waryam Singh, Thomas and or senior officials, besides Whawan duo.

Enforcement Directorate h conducted raids at six locations in and around Mumbai on October 4 after taking cognisance of FIR registered by EOW.

According to police, HDIL promoters allegedly colluded with bank manment to take loans from its Bhandup branch in Mumbai.

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