The Economic Offences Wing (EOW) is investigating financial irregularities at New India Cooperative Bank and questioned the bank’s former CEO, Abhimanyu Bhoan, on Wednesday. The agency has written to the Reserve Bank of India (RBI) requesting an internal report and a recorded video confession from the General Manager (GM).
According to EOW sources, the agency has also issued a summons to Abhijit Deshmukh, a partner at Rane & Associates, to appear for questioning on Thursday. The probe focuses on five years of audits conducted under the supervision of GM of audit Prakash Vernekar.
Since Rane & Associates was responsible for the statutory audit of the bank for the financial year 2019-20, CA Abhijit Deshmukh has been asked to submit the audit report and relevant statutory documents related to cash verification. Notably, this audit firm had previously granted the bank an A-grade certification. The EOW has also requested RBI’s internal inspection report from February 12 for further examination.
Abhimanyu Bhoan was appointed as the bank’s CEO by the Board of Directors and was granted a five-year tenure (2019-2024) with RBI’s approval. Sources suggest that he may be considered for reappointment.
Meanwhile, the investigation is also looking into a rejected loan application by accused Dharmesh Paun. The circumstances surrounding this rejection are under scrutiny.
The EOW is expected to intensify its probe in the coming days, with further high-profile interrogations and document verifications likely to follow.