Mumbai: The Mumbai Police has arrested former Managing Director, Joy Thomas in connection with the Punjab Maharashtra Cooperative (PMC) Bank scam. The Mumbai police had earlier informed that Joy Thomas was missing.
The police told that Joy Thomas, a native of Kerala, will be interrogated further to get more information. The Enforcement Directorate (ED) had submitted a preliminary report regarding the scam today.
According to the ED report the PMC board members and the promoters of Housing Development and Infrastructure Limited (HDIL) are the accused in the case. The ED conducted raids at six locations in Mumbai in the money laundering case.
The case involves giving undue help to the real estate company HDIL by flouting every norms of RBI. On Thursday, HDIL Director Rakesh Vadhavan and his son Sarang Vadavan were arrested by the investigating agency.