In a significant development in the New India Cooperative Bank scam, the Economic Offenses Wing (EOW) of the Mumbai Police has seized electronic goods worth Rs 50 lakh from a showroom owned by Javed Azam, an accused in the case. The operation was carried out in Bihar as part of the ongoing investigation into the Rs 122 crore bank fraud.
According to EOW sources, the seized goods will be auctioned soon, and the police will seek court approval for the process. Officials believe this auction will help in recovering some of the defrauded amount linked to the scam.
The investigation into the scam had earlier revealed that Hitesh Mehta, the prime accused, had transferred Rs 40 crore to Unnathan Arunachalam, who then gave Rs 18 crore to Javed Azam. Further interrogations established that Azam utilized these funds to set up ten showrooms, where he operated an electrical goods distribution business. Following this revelation, the police sealed all ten showrooms and initiated proceedings to auction the electronic items to recover the misappropriated funds.
The case has also uncovered the role of Manohar Arunachalam and his son Unnathan Arunachalam, who allegedly misappropriated Rs 33 crore as part of the scam. Investigators found that in 2019, Hitesh Mehta, who was then the General Manager of the bank, handed over Rs 18 crore to Manohar Arunachalam at an office in Andheri. This money was subsequently transferred to Javed Azam, who invested Rs 15 crore into his business. After the fraud came to light, Arunachalam sought Azam’s help to escape and went into hiding in Bihar, where he was eventually tracked down and arrested by the EOW.
The case was initially registered at Dadar Police Station based on a complaint filed by interim CEO Devashree Ghosh under BNS Sections 316(5) and 61(2). So far, multiple arrests have been made, including that of Hitesh Mehta, real estate businessman Dharmesh Paun, and former bank CEO Abhimanyu Bhuvan. Other individuals arrested in connection with the scam include Manohar Arunachalam, Kapil Dedhia, and Unnathan Arunachalam. Meanwhile, two suspects, Hiren Bhanu and Gauri Bhanu, are currently abroad, and the police have issued a lookout notice against them.
As the investigation into the Rs 122 crore fraud case continues, officials expect more revelations to emerge in the coming days. The authorities remain committed to recovering the misappropriated funds and bringing all those involved to justice.