Key Figures Implicated in New India Co-op Bank Fraud Case

Hiren and Gauri Bhanu, former leaders of New India Cooperative Bank, are accused of misappropriating ₹122 crore alongside main accused Hitesh Mehta. The Economic Offences Wing has arrested additional suspects and is investigating numerous transactions related to the fraud. With Hiren’s suspected flight to Abu Dhabi and ongoing court proceedings, the investigation continues to expose the depth of the financial misconduct perpetrated.

The New India Cooperative Bank fraud case has implicated Hiren Bhanu, former chairperson, and his wife, Gauri Bhanu, as accused in misappropriating ₹122 crore from the bank’s cash reserves. Investigations by the Economic Offences Wing (EOW) of the Mumbai Police reveal that both benefited from funds misappropriated by Hitesh Mehta, the bank’s general manager, who is the main accused. Police indicated that Hiren Bhanu, a British citizen, allegedly fled to Abu Dhabi shortly after the fraudulent activities came to light.

In a recent development, police arrested Manohar Arunachalam, son of the absconding accused Unnanathan Arunachalam, bringing the total arrests to four. Manohar is believed to have received part of the misappropriated funds totaling ₹40 crore, and he, alongside his father, is suspected of converting black money into legitimate funds. The court has approved a lie-detector test for Hitesh Mehta as part of the investigation to uncover how he handled the siphoned funds.

Additionally, Abhimanyu Bhoan, former CEO of New India Cooperative Bank, is also implicated, having received ₹1 crore from the misappropriated assets. Investigators noted his communications with Hiren and Gauri Bhanu after the fraud was revealed, although Bhoan claims evidence of those communications was lost or damaged. The court is currently remanding several of these suspects, while a Lookout Circular has been issued against the Bhanus to prevent them from evading law enforcement.

Mehta had previously claimed he transferred funds to various individuals, but investigations suggest he diverted significant amounts to Bhanu, Arunachalam, and others. Testimonies are being gathered to understand the full scale of the fraud, and the authorities aim to hold all implicated parties accountable for their actions, particularly those who facilitated the bank’s financial misconduct.

The New India Cooperative Bank fraud highlights significant vulnerabilities within cooperative banking governance, revealing how trusted leaders exploited their positions to misappropriate funds. With key figures like Hiren Bhanu and Gauri Bhanu facing serious allegations, and the involvement of additional accomplices bringing the case to wider attention, the investigation by the EOW continues to unfold. The case underscores the need for robust oversight mechanisms in cooperative banking to prevent similar occurrences in the future.

Original Source: www.hindustantimes.com