Joy Thomas, suspended MD of PMC Bank, being produced before a court in connection with the mutlti-crore bank fraud in Mumbai on Saturday, October 5, 2019. (Photo: PTI)
One of the prime accused in the alleged Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, former managing director Joy Thomas owned ten properties in Pune with his second wife, who he married after converting to Islam and changing his name to Junaid Khan.
Joy Thomas purchased nine flats and a shop in Kondhwa and other areas of Pune since 2012. The ten properties were purchased jointly by Joy Thomas and his second wife, who was his former assistant at the bank.
The Economic Offences Wing (EOW) investigating the case found that all the properties were bought within the period starting 2012. That is precisely when the accused Rakesh and Sarang Wadhawan of Housing Development and Infrastructure Ltd (HDIL) began the non-payment on loans and kept borrowing additional amounts from PMC Bank.
The source of income to buy these properties which are jointly-owned by Joy Thomas and his second wife is being ascertained.
"The properties are jointly owned by Thomas and his second wife and we are yet to find out the share percentage of ownership of the ten properties. As it is jointly owned, attachment could be difficult but if we are able to prove those bought from the proceeds of crime then we can initiate proceedings and attach these properties," a senior police officer privy to investigation said.
"Besides the ten properties, Thomas also owns a flat in Thane and a commercial property which is under the control of his son from his first wife," the officer added.
Joy Thomas had married his assistant who is now his second wife after converting to Islam. Reportedly, he also changed his name after the conversion to Junaid Khan.
The properties bought in Pune are mostly bought with the name of Junaid Khan and the changed name of the wife after converting to Islam. Joy Thomas's first wife had filed for a divorce and the case proceedings are in the final stages.
Joy Thomas was arrested in connection with the case on October 4. The next day, he was remanded to police custody till October 17.
Meanwhile, the Enforcement Directorate (ED) has attached the bank's land of around 2,100 acres belonging to HDIL which could be worth over Rs 3,500 crore.