PMC Bank crisis: Suspended MD Joy Thomas details the anatomy of a fraud
Updated : October 03, 2019 07:13 AM IST
Joy Thomas, the now-suspended managing director of the crisis-hit bank, on Monday admitted to the RBI that the bank's actual exposure to the bankrupt HDIL stands in excess of Rs 6,500 crore, which comes to a whopping 73 percent of the bank's total loan book, a flagrant violation of norms.
Thomas, in a five-page letter to the central bank on Monday, laid bare the details of how the fraud was perpetuated and the cooperative bank's modus operandi in concealing its wrongdoing for so long.
PMC Bank still remains hopeful of recovering its loans to HDIL.