New India Co-op Bank Fraud: Chargesheet Filed Against 10 in Rs 122-Crore Scam

In a major development in the Rs 122-crore misappropriation case at New India Co-operative Bank, the Economic Offences Wing (EOW) on Tuesday filed a detailed chargesheet against 10 accused. The chargesheet, spanning 12,634 pages, was submitted before the Esplanade Court.

So far, eight accused have been arrested in the case, while two others are believed to be abroad. Those arrested include the bank’s former General Manager Hitesh Mehta, real estate developer Dharmesh Paun, the bank’s then-CEO Abhimanyu Bhoan, businessman Manohar Arunachalam, Kapil Dedhia, Ulnathan Arunachalam, Javed Azam, and Rajeev Ranjan Pandey.

The EOW has also named former bank chairman Hiren Bhanu and his wife Gauri Bhanu in the chargesheet. Both are currently outside India, and proceedings under Section 335 of the Bharatiya Nagarik Suraksha Sanhita (BNSS) have been initiated against them.

During the investigation, the police conducted 55 panchnamas and recorded statements of 45 witnesses. Among them, eight have deposed under Section 183 of the BNSS. Authorities have attached 21 properties worth Rs 168 crore, which are located across Maharashtra, Gujarat, and Bihar.

Among the seized assets are:

Seven flats, a shop, and a bungalow worth Rs 12 crore belonging to Hitesh Mehta and his family,

A commercial shop worth Rs 1.5 crore linked to Arunachalam,

A flat worth Rs 75 lakh under Kapil Dedhia’s name,

Electronics worth Rs 55 lakh recovered from Javed Azam’s showroom,

Shops in Madhubani valued at Rs 55 lakh, and a flat in Patna worth Rs 50 lakh,

Rent advances of Rs 2.5 crore for 10 shops in Bihar,

And a massive 40,000 sq ft slum redevelopment project worth approximately Rs 150 crore associated with Dharmesh Paun.

Additional accused in the chargesheet include Ajay Singh Rathod, Pawan Jaiswal, and Shaukat Jamadar, taking the total number of named accused to ten.

The case was initially registered by Dadar Police based on a complaint filed by Devarsi Ghosh, the acting CEO of the bank. Charges were framed under Sections 316(5) and 61(2) of the Bharatiya Nyaya Sanhita. Hitesh Mehta was the first to be arrested by the EOW, and subsequent interrogations led to the arrest of co-accused Dharmesh Paun and others.

Lookout circulars have been issued against Hiren and Gauri Bhanu, who remain absconding overseas.