In a significant development in the ₹122 crore scam at New India Co-operative Bank, the bank’s General Manager and prime accused, Hitesh Mehta, underwent a polygraph test on Tuesday. The test, which lasted for approximately two and a half hours, was conducted as part of the investigation since Mehta has been uncooperative during interrogation. The Economic Offences Wing (EOW) had sought court permission for this lie detector test.
Mehta, along with other accused, is alleged to have orchestrated a scam involving the misappropriation of ₹122 crore from the bank’s vaults at its Prabhadevi and Goregaon branches. Despite repeated questioning, Mehta refused to cooperate, leading to the decision to conduct a polygraph test. During the test, he was reportedly asked 40 to 50 questions. A special team of Mumbai Police escorted him from jail to the forensic science laboratory on Tuesday morning for the procedure.
The EOW’s investigation has revealed financial links between Hitesh Mehta and Manohar Unnathan Arunachalam. A suspicious transaction of ₹20 lakh was traced directly to Manohar’s account. Officials suspect that funds were also siphoned off through a trust. So far, no concrete details regarding this trust have been obtained.
Reports suggest that Manohar and his son embezzled a total of ₹40 crore, of which ₹7 crore was given to Mehta, while the remaining ₹33 crore was diverted through various channels. Police have also discovered that Manohar transferred funds to some of his friends. Authorities are now investigating multiple suspicious financial transactions linked to him.
Further, in 2019, Mehta reportedly handed over ₹15 crore to Manohar, followed by another ₹18 crore received at his office. Some of the misappropriated funds were allegedly used for Mehta’s personal expenses, including his house. Moreover, investigators suspect that ₹70 crore from the scam was given to a builder, Dharmesh Poun.
Even as the fraud was unfolding, former CEO Abhimanyu Surender Bhoan allegedly turned a blind eye to the irregularities. He was arrested by the EOW. The investigation has also revealed that the then-chairman of the bank, Hiren Bhanu, received ₹26 crore, while his wife, Gauri Bhanu, got ₹2 crore from the embezzled funds.
Following a complaint by acting CEO Devashree Ghosh, the Dadar Police registered a case under BNS Sections 316(5) and 61(2). The EOW arrested General Manager Hitesh Mehta in connection with the scam. Based on his revelations, construction businessman Dharmesh Poun was also arrested.
Additionally, the then-CEO Abhimanyu Bhoan and another key accused, Manohar Arunachalam, were taken into custody. Meanwhile, lookout notices have been issued against Hiren Bhanu, Gauri Bhanu, Unnathan Arunachalam, and one more suspect to prevent them from fleeing the country.
The investigation into the ₹122 crore fraud is ongoing, and authorities are tightening their grip on all involved.