PMC Bank: Joy Thomas converted to Islam to marry 2nd wife; accumulated assets in Pune

Thomas aka Junaid Khan, co-owns 10 properties with his second wife in Pune

joy-thomas-pmc [File] Punjab and Maharashtra Co-operative (PMC) Bank former MD Joy Thomas | PTI

Punjab and Maharashtra Co-operative (PMC) Bank former MD Joy Thomas had converted to Islam and adopted the name Junaid Khan to get married to his second wife and accumulated properties in Pune under the new name since 2012 after their marriage. Media reports said that Thomas entered wedlock  for a second time with his former assistant at the bank under Islamic marriage rituals in 2005. Thomas registered himself as Junaid Khan and the couple jointly bought several properties in Pune after the marriage. 

Reportedly, Joy Thomas, who is currently under police custody, jointly purchased a total of 10 properties—nine flats and a shop—in Pune with his new wife. The investments amount to approximately Rs 4-5 crore. While his second wife resides in one of these flats, the eight other apartments have been rented out, The Quint reported.

Thomas was already married when he decided to tie the knot for a second time in 2005, media reports said citing sources. Thomas's first wife had filed for a divorce and the case proceedings are in the final stages. 

The police had earlier identified and attached four flats owned by Thomas in Mumbai and Thane, one of which is registered in the name of his son from his first wife. "He and his second wife had adopted a girl, who is now 11 years old. They also have a 10-year-old son. The second wife makes and sells chocolates, has a boutique, and draws rent from the Pune properties," a TOI report said, citing an officer.

Interestingly, it was after 2012 that 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, another media report pointed out, citing Economic Offences Wing (EOW) of Mumbai Police. The EOW added that they are currently probing the source of income to buy the alleged properties. 

Earlier, Thomas, in a letter he had written to the Reserve Bank of India, had admitted to have created 21,049 dummy accounts to hide accumulated NPAs of HDIL. The bank has been accused of replacing 44 loan accounts of HDIL with the fictitious loan accounts, to camouflage huge loan defaults by the real estate group which landed the bank in the current crisis.

In addition to Thomas, promoters of HDIL and former chairman of PMC Bank Waryam Singh are also under police custody in the Rs 4,355.43 crore scam case. 

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