FIR Against Ex-PMC MD Joy Thomas Delayed Due to ‘Technical issues’
“Since Joy Thomas’s name has come forward, we are filing an FIR against him,” said the RBI-appointed administrator.
JB Bhoria, the Reserve Bank of India (RBI) appointed administrator, has been in the process of filing an FIR with the Economic Offences Wing (EOW) in Mumbai against former PMC Bank MD Joy Thomas.
Sources say, while the Mumbai police was approached to file an FIR on 27 September (Friday) evening, Bhoria was asked to wait till Monday, 30 September, before the complaint can be registered. The delay has been attributed to ‘technical issues’.
According to procedure, a case of fraud will be registered against Thomas by the EOW and not the local police as it crosses a certain threshold amount that falls under the purview of the EOW.
While Joy Thomas is the only member of the PMC Bank who is set to be booked for fraud right away, the RBI-appointed administrator told The Quint that once investigation proceeds, if more names are revealed, further action will be taken against the implicated individuals.
“We haven’t yet been able to identify (more names from PMC) but if I continue to delay this, it gives a very wrong message. Since Joy Thomas’s name has come forward, we are filing an FIR against him. On the basis of our FIR, if the police find more facts through their probe or the RBI investigation yields more details, then we’ll take it forward from there.”JB Bhoria, RBI appointed administrator, PMC Bank
In a press conference held on 27 September, Joy Thomas, the ex MD of PMC Bank has accepted that the co-operative bank had issued a loan worth Rs 2500 crore to HDIL over the last 6 years. He also accepted that the company stopped paying back loans over the last 3 years and this matter was allegedly kept hidden from the board members of PMC Bank.
Responding to Thomas’s revelation, Bhoria said,
“Although he (Thomas) was accusing the RBI during the press conference, he has accepted that he has been hiding this (non-repayment of loans to HDIL) for 5-6 years. He has said, ‘Why didn’t RBI catch this?’ Now, that’s like a thief saying that I have committed theft or murder, but it’s the police’s fault for not catching me.”JB Bhoria, RBI appointed administrator, PMC Bank
Bhoria also clarified that the investigating agencies are still not sure whether the loan amount issued to HDIL is Rs 2,500 crore, as claimed by Thomas. This matter can only be resolved after the police and Chartered Accountants unravel the direct and indirect loans issued by the bank over the last few years, he said.
“What they (PMC Bank when Joy Thomas was MD) did was they gave direct loans worth Rs 500 or Rs 1000 crores but also gave indirect loans side by side to employees and others. We have to find out details about this now. The police and Chartered Accountants will now try to find out. We are still not sure if the amount given to HDIL is Rs 2500 crore.”JB Bhoria, RBI appointed administrator, PMC Bank
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