THE Economic Offences Wing (EOW) has arrested Punjab and Maharashtra Cooperative Bank’s Former MD Joy Thomas. The arrest of the former MD took place a day after EOW arrested HDIL promoters Sarang Wadhawan and Rakesh Kumar Wadhawan, allegedly after the duo refused to cooperate with the enforcement agency when they were called in for questioning.
“While the mandate was being discussed, the scope of the investigation will be to figure out the workings of the entire scam and whether the modus operandi that the MD had mentioned in his letter is correct or not. They want to validate his story and also look at who were the various officials who knew about the scam,” said a person close to EOW.
In a five-page letter, Thomas revealed how the bank virtually acted as the in-house banker of the company, even when it was facing insolvency proceedings in the National Company Law Tribunal (NCLT), ET reported on October 1.