Waryam Singh, former chairman of PMC Bank, arrested by Mumbai Police

The Economic Offences Wing of Mumbai Police on Saturday arrested Waryam Singh, former chairman of Punjab and Maharashtra Cooperative (PMC) Bank, in connection with the alleged Rs 4,355 crore scam at the bank. This is a fourth arrest in the case. The EOW has already arrested former managing director of PMC Bank Joy Thomas, and promoters of HDIL group Rakesh and Sarang Wadhawan in the case.

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

READ | 'Banking system sound and stable': RBI Governor on PMC Bank crisis

The PMC Bank case so far

Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Saturday remanded in police custody till October 17. The Economic Offences Wing (EOW) of Mumbai Police, which had arrested Thomas on October 4, produced him before Additional Chief Metropolitan Magistrate S G Shaikh. The police told the court that they need his custody to interrogate him as he was part of the conspiracy. However, Thomas's lawyer argued that he is being made a "scapegoat".

READ | PMC Bank Crisis: Mumbai Police's EOW arrests bank's ex-MD Joy Thomas

Arrest of PMC bank Chairman 

Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Saturday remanded in police custody till October 17. The Economic Offences Wing (EOW) of Mumbai Police, which had arrested Thomas on October 4, produced him before Additional Chief Metropolitan Magistrate S G Shaikh. The police told the court that they need his custody to interrogate him as he was part of the conspiracy. However, Thomas's lawyer argued that he is being made a "scapegoat".

READ | PMC Bank Crisis: ED attaches HDIL promoters' private jet and jewellery

PMC crisis 'eye opener': MoS Finance Anurag Thakur

Terming the Punjab and Maharashtra Cooperative (PMC) Bank crisis as an "eye-opener", Minister of State for Finance Anurag Thakur on Monday said the banking sector regulator RBI is looking into various aspects, including lapses on part of auditors. The bank came under stress due to alleged financial irregularities forcing the Reserve Bank of India (RBI) to impose restriction on the Mumbai-based lender.