Former MD of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, converted to Islam, married his assistant at the bank as per Islamic rituals in 2012, changed his name to Junaid Khan and owned 10 properties in Pune with his second wife allegedly as part of the Rs 4,355 crore scam, reports have revealed.
Investigation agencies have discovered documents that suggest that Junaid Khan had several investments under that name as well as his second wife. According to Mid-day, Khan’s second wife owns nine flats and a boutique in Pune. The total value of these assets hasn’t been ascertained yet but is estimated to be around Rs. 4-5 crores.
While investigating Khan’s investments, the agencies found four flats in Mumbai and Thane registered under his and the first wife’s name. They also discovered a café registered under the name of his son from the first marriage. Soon, documents under the name of Junaid Khan and a woman who wasn’t known to be his wife at that point of time were also discovered. Later, it was discovered that the woman was his wife and Joy Thomas had changed his name to Junaid Khan.
As per reports, the Economic Offences Wing (EOW) discovered that all these properties were purchased since 2012, which coincides with the time period when the accused Rakesh and Sarang Wadhawan of Housing Development and Infrastructure Ltd (HDIL) began the non-payment on loans while borrowing additional amounts from PMC Bank.
“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, the 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 told India Today. “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.
Former MD of PMC bank, Joy Thomas aka Junaid Khan was arrested by a special investigation team (SIT) of the EOW of Mumbai Police on the 4th of October. He had been absconding until then. The EOW had filed an FIR on September 30 (Monday) against HDIL and PMC Bank officials in the PMC bank fraud case. The persons named in the FIR include PMC bank’s former chairman Waryam Singh, former Managing Director Joy Joseph Thomas, Housing Development and Infrastructure Limited (HDIL) group promoters Sarang Wadhawan and Rakesh Wadhawan.
The RBI has already dismissed the board of governors of PMC bank and has appointed an administrator. The bank has been put the bank under restrictions, putting a limit of ₹1000 withdrawal by depositors initially, which was later raised to ₹10000 and ₹25000. The bank is also not allowed to give any loan without the prior approval of RBI. The restrictions have been put for six months after RBI was informed about the PMC Bank fraud by a whistleblower inside the bank.