PMC Bank officials allegedly misled the RBI for over a decade from 2008 till 2019.

Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was today remanded in police custody till October 17.

The Economic Offences Wing (EOW) of Mumbai Police, which had arrested Joy Thomas on Friday, produced him before Additional Chief Metropolitan Magistrate SG Shaikh.

The police told the court that they need his custody to interrogate him as he was part of the conspiracy.

However, the lawyer of Joy Thomas argued that he is being made a "scapegoat".

On Thursday, the EOW had arrested directors of the bankrupt Housing Development and Infrastructure (HDIL) Rakesh Wadhawan and his son Sarang in connection with the case. They are in police custody till October 9.

The EOW had registered an FIR on Monday against senior officials of HDIL and PMC Bank for allegedly causing losses to the tune of Rs 4,355.43 crore to the bank.

The FIR named former PMC Bank chairman Waryam Singh, Joy Thomas and other senior officials, besides the Wadhawan duo.

The Enforcement Directorate had conducted raids at six locations in and around Mumbai on Friday after taking cognisance of the FIR registered by the EOW.

According to the police, the HDIL promoters allegedly colluded with the bank management to take loans from its Bhandup branch in Mumbai.