New India Coop Bank: Former Chairman and Wife Declared Proclaimed Offenders
A Mumbai court has declared ex-chairman Hiren Bhanu and his wife Gauri as proclaimed offenders in a ₹122 crore embezzlement case, enabling police to attach assets worth ₹167.85 crore belonging to five accused. Both fled the country prior to the case investigation, prompting the authorities to issue a Blue Corner Notice.
A Mumbai court has declared Hiren Bhanu, the former chairman of New India Cooperative Bank, and his wife Gauri Bhanu as proclaimed offenders in a ₹122 crore embezzlement case. This ruling allows the police to attach 21 properties associated with five accused, valued at approximately ₹167.85 crore, marking a notable enforcement action under new criminal laws.
Both individuals fled the country shortly before the case surfaced in February this year. Hiren Bhanu departed on January 26, while Gauri Bhanu left on February 10, prompting the issuance of a Blue Corner Notice to aid in locating them for investigation purposes.
The Economic Offences Wing (EOW) has arrested eight individuals, including the bank’s former general manager and CEO, as part of the ongoing investigation. Investigators have also conducted various tests on Mehta, one of the arrested, to gather information pertinent to the case.
The EOW plans to initiate a forensic audit, addressing issues concerning non-performing assets (NPAs) that were sold at lower values to Omkara Assets Reconstruction Company. For instance, a ₹30 crore NPA was sold for only ₹2 to 3 crore, leading to further scrutiny of ARC practices and financial transactions in the case.
The police are undertaking the process to attach properties, which include a significant ₹150 crore Slum Rehabilitation Project and several other assets belonging to the accused. This legal action marks the first enforcement under section 107 of the Bharatiya Nagarik Suraksha Sanhita in Mumbai, empowering authorities to seize property linked to criminal activities.
In summary, the declaration of Hiren and Gauri Bhanu as proclaimed offenders following their flight abroad underscores significant developments in the New India Cooperative Bank embezzlement case. The attachment of assets under new legal provisions signifies a systematic effort by law enforcement to address financial crimes. Ongoing investigations and forensic audits are expected to uncover further details regarding the bank’s financial discrepancies and the involved parties’ actions.
Original Source: www.hindustantimes.com
