Mumbai, April 8 The Enforcement Directorate (ED) has provisionally attached 33 immovable and movable properties valued at nearly Rs 16.95 crore belonging to Hiren Ranjit Bhanu, his wife Gauri Hiren Bhanu, and other family members under the Prevention of Money Laundering Act (PMLA), 2002, officials said on Wednesday.
The attached assets include fixed deposits, bank balances, residential flats, commercial offices, and agricultural land.
The ED's Mumbai Zonal Office initiated the money laundering investigation based on an FIR registered by the Economic Offences Wing (EOW) of Mumbai Police regarding the massive embezzlement of cash amounting to around Rs 122 crore from the New India Co-operative Bank Limited (NICBL).
Investigation revealed that Hitesh Pravinchandra Mehta, the then General Manager and Head of Accounts at the bank, played a central role in siphoning off funds.
He allegedly manipulated accounting systems and created false records of cash transfers between various bank branches.
Mehta reportedly admitted to withdrawing funds over a prolonged period.
The probe also established that these irregularities were carried out at the behest of Hiren Ranjit Bhanu, former Chairman and Vice-Chairman of the bank, who exercised significant control over the bank's operations for several years, both directly and indirectly through his associates and family members.
Gauri Hiren Bhanu, who served as the Acting Chairman and Vice-Chairman, was also identified as one of the key beneficiaries.
An ED statement said the couple allegedly received proceeds of crime amounting to at least Rs 26 crore.
The investigation also uncovered that Hiren Ranjit Bhanu, in connivance with certain borrowers of the bank, acquired companies and business entities abroad without paying any sale consideration.
He allegedly arranged to route funds into the accounts of these foreign entities through some of the Indian borrowers, who had received substantial loans from NICBL.
The Mumbai Police's EOW has already filed charge sheets in the case.
Non-bailable warrants and proclamation proceedings have been issued against Hiren Ranjit Bhanu and his wife.
Both the accused are currently abroad and have not cooperated with the investigating agencies.
"Further investigation is underway to trace the diverted funds and identify all individuals and entities involved in this fraud, which has severely impacted the bank and its depositors," an ED official statement said.
This latest attachment comes after earlier actions by the ED, including searches and seizure of valuables in the case.
The development highlights the continued crackdown on financial frauds in cooperative banks and the laundering of proceeds of crime through complex domestic and international routes.
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