New India Co-operative Bank scam: EOW makes new revelations, properties of absconding couple exposed
Mumbai Police's EOW investigates the Rs 122 crore scam at New India Co-Operative Bank involving former chairman Hiren Bhanu and his wife Gauri Bhanu, who fled the country after purchasing expensive properties. Four arrests made so far.
The Economic Offenses Wing (EOW) of Mumbai Police has reached a major revelation in the investigation of the Rs 122 crore scam in New India Co-Operative Bank. The investigation has revealed that former chairman Hiren Bhanu and his wife Gauri Bhanu, wanted in this case, have purchased many expensive properties between 2019 and 2024.
Looking for New Legal Provisions for Confiscation of Properties
The EOW is considering adding Section 107 (attachment, confiscation, or restoration of property) of the BNSS (Indian Civil Defence Code) to this scam so that the police can seize the properties. At present, the Maharashtra Protection of Interest of Depositors (MPID) Act cannot be applied in this case, so the EOW is exploring new legal avenues. To stay updated on similar legal developments, check out Vaartha's National Section.
Bought Property Worth Crores Before Fleeing the Country
According to sources, the investigation also revealed that just a few days before the bank scam was uncovered, Hiren Bhanu and Gauri Bhanu had purchased properties worth around Rs 10-12 crore in Mumbai and surrounding areas. For more on property-related frauds and financial crimes, visit Vaartha's Epaper.
Four Arrests So Far, Main Accused Absconding
So far, four people have been arrested in this case. These include former CEO of New India Co-Operative Bank Abhimanyu Bhoan, SRA developer Dharmesh Paun, and Manohar Arunachalam, son of absconding accused Unnavan Arunachalam. The Bhanu couple is also the main accused in this case, but they fled the country a few days before the FIR was registered.
According to the information received by EOW, Hiren Bhanu is hiding in Abu Dhabi. He has given up Indian citizenship and taken British citizenship. Meanwhile, Gauri Bhanu fled to Thailand two days before the FIR was registered. The EOW has issued a Lookout Circular (LOC) against both of them. After this, a Blue Corner Notice has also been issued. If the accused do not return to India, a Red Corner Notice will be issued against them after the charge sheet is filed.
On Tuesday (11 March), the EOW conducted a polygraph test of another main accused, Hitesh Mehta, whose report may come in three to four days. The police are engaged in further investigation in this high-profile scam, and some more big revelations are likely to happen soon.
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