A Mumbai court has also sent former Managing Director of PMC Bank, Joy Thomas to judicial custody for 14 days.
Former Punjab & Maharashtra Co-operative (PMC) Bank Director S Surjit Singh Arora, arrested in PMC Bank scam case on Wednesday, has been sent to police custody till October 22 by Mumbai's Esplanade court.
A Mumbai court has also sent former Managing Director of PMC Bank, Joy Thomas to judicial custody for 14 days.
On Wednesday, Economic Offences Wing (EOW) of the Mumbai Police arrested Surjit Singh Arora, former director of the fraud-hit PMC Bank in connection with the 4500 crore financial scandal.
The arrest was made by the EOW after interrogating Arora in connection with this case. He is, therefore, the fifth person to be arrested for his alleged involvement in this case. HDIL directors Rakesh and Sarang Wadhawan, former PMC Bank chairman Waryam Singh, and former PMC Bank Managing Director Joy Thomas have also been arrested and are currently in police custody.
The Enforcement Directorate (ED) has, according to a recent update, moved an application in the sessions court (PMLA COURT) for the custody of Waryam Singh, Rakesh and Sarang Wadhawan.
Arora, the owner of Mini Punjab, was missing ever since the day the FIR was lodged in connection with the PMC Bank scam case. The police managed to track the former director of the bank to Mumbai.
According to sources, a considerable amount of money had been transferred from Housing Development and Infrasture Limited (HDIL) accounts to Surjit Singh Arora's personal accounts in the last three to four years. Arora was involved with the bank for more than a decade.
In a related development, a Mumbai court had also extended the police custody of former chairman of the PMC Bank Waryam Singh and Housing Development Infrastructure Limited (HDIL) directors Rakesh Wadhawan and Sarang Wadhwan till October 23.
PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "PMC Bank")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}