Coming out with a confessional statement before the Economic Offences Wing (EOW), former MD of PMC Bank Joy Thomas said that he was responsible for the crisis that the bank is currently facing and was prepared to face the consequences. He further said that he had been hiding everything since 2013, when the Wadhawans started defaulting on payments, as he had too much faith in them and thought they would repay the money.

According to sources, Thomas also kept the auditors and his subordinates in the dark by creating 21,049 fake accounts on an excel sheet and not mentioning anything in the operating system. It had taken him three months to create all of it and keep it a secret.