New India Co-op Bank Scam : Brain Mapping Test of Main Accused in Rs 122-Crore Fraud Comes Positive, Says EOW

The Economic Offences Wing (EOW) of the Mumbai Police, which is investigating the Rs 122-crore scam at the New India Cooperative Bank, has received a significant breakthrough. The brain mapping test report of the bank’s former General Manager and prime accused Hitesh Mehta has come out positive, confirming his alleged involvement in the financial fraud.

A senior EOW official confirmed the development on Friday and stated that the report also points towards the roles of other accused persons in the case.

“The findings are indicative of Mehta’s role as well as the involvement of other accused, including the bank’s absconding ex-chairman Hiren Bhanu, CEO Abhimanyu Bhoan, and Mehta’s associates Arunachalam Ullahanathan Maruthuvar and Dharmesh Paun,” the officer said.

The brain mapping test was conducted at the Kalina Forensic Laboratory. Earlier, on March 11, a polygraph (lie detector) test was also carried out on Mehta at the same lab. Officials said Mehta had been giving inconsistent statements during interrogation and was not cooperating with the investigation, prompting the need for further forensic examination.

Sources revealed that the polygraph test results had shown deceptive responses, and investigators could not extract substantial information. Following this, Mehta was subjected to a brain mapping test.

According to the EOW, Mehta had been siphoning off funds from the bank’s vaults between 2019 and 2025. The stolen money was allegedly handed over to his close aides Dharmesh Paun and Ullahanathan, who helped him misappropriate the funds.

The scam came to light during a Reserve Bank of India inspection at the bank’s Prabhadevi and Goregaon branches on February 12. After the irregularities were detected, Mehta reportedly confessed to his role and disclosed the involvement of others.

The EOW continues its probe and is on the lookout for the absconding accused.