The Economic Offences Wing of the Mumbai Police has arrested both the MD and the Chairman of PMC Bank one by one. First, Joy Thomas was arrested and a day later Waryam Singh was nabbed.
They were arrested in connection with its investigations into the loans advanced by the bank to the HDIL group.
The UCB is said to have suffered a loss of Rs 4355 crore. Earlier, Housing Development and Infrastructure Limited (HDIL) group owners-the duo of father and son the two Wadhawans- Rakesh and Sarang were arrested on Thursday.
The story of PMC Bank former MD approaching the RBI is also said be a tale of lies by the EoW officials who credit some whistle-blowers for uncovering the lid from the scam.