Mumbai Police has taken major action in the fraud case of Punjab and Maharashtra Cooperative Bank. Actually, the bank's suspended managing director Joy Thomas has been arrested by the Mumbai Police. The police has taken this action in the case of Rs 4355 crore scam in the bank.
According to news agency PTI, the Enforcement Directorate (ED) conducted raids on six locations in and around Mumbai, taking cognizance of the FIR lodged by the Economic Offenses Wing of the Mumbai Police. After this Joey Thomas was arrested. Giving information about this, a police officer said that Thomas was called to the Economic Offenses Wing's office for questioning. After questioning, he was arrested there.
This is the third consecutive major action by the Economic Offenses Wing of the Mumbai Police in the fraud case of Punjab and Maharashtra Cooperative (PMC) Bank. Earlier on Thursday, Rakesh Wadhavan, director of private company group HDIL and his son Sarang Wadhawan were detained in the same case.
Let us tell you that Mumbai Police had filed an FIR against the officials of PMC Bank and HDIL on Monday. It is being told that the PMC disregarded the rules and gave a large part of its debt to the companies of HDIL Group, a major company in the real estate sector, which deals in land and building construction. More than 73 percent of the bank's debt is non-performing. According to the information, the Economic Offenses Wing has seized assets worth Rs 3,500 crore of HDIL.
What did the RBI say?
Meanwhile, the Reserve Bank said to remove the apprehensions about the state of the banking system, there is no reason to panic. The Reserve Bank said that it will review the regulatory framework for cooperative banks. In fact, after the fraud case of PMC Bank, it was being speculated that in the coming days, the RBI may take a big decision regarding cooperative banks. Let us know that the RBI has imposed a 6-month ban on fraudulent frauds and frauds on PMC Bank.
