No Anticipatory Bail for Former PMC Bank Head Joy Thomas in Fraud Case

Joy Thomas, former MD of PMC Bank, was denied anticipatory bail in a breach of trust case. Accused of authorizing unauthorized payments for a bank transaction without board approval, Thomas is tied to a Rs 4,355 crore scam. The court cited his direct involvement, rejecting his bail plea.

In a significant legal development, the court has denied anticipatory bail to Joy Thomas, former Managing Director of Punjab and Maharashtra Co-operative (PMC) Bank, in a criminal breach of trust case. The ruling, passed by Additional Sessions Judge N G Shukla, hinges on Thomas's alleged role in unauthorized financial transactions.

The court's decision stems from a series of accusations that have plagued Thomas since his arrest in 2019 regarding a massive Rs 4,355 crore fraud at PMC Bank. The latest charges emerged when Unity Small Finance (USF) Bank took over PMC Bank in 2022 and filed a complaint, leading to an FIR against Thomas under serious criminal breach statutes.

Central to the case is a disputed 2018 transaction for office space in Panvel, Mumbai. Prosecutors claim Thomas authorized a Rs 14.5 crore payment to a construction firm without board approval, violating bank bylaws. Allegations argue his substantial involvement, leading the court to deny bail, citing his pivotal decision-making role.

(With inputs from agencies.)