New Delhi, March 13 The Economic Offences Wing (EOW) of the Mumbai Police is investigating a major financial fraud involving the New India Cooperative Bank, which has reportedly seen a Rs 122 crore embezzlement.
The investigation has revealed that former bank president Hiren Bhanu, who is wanted in the case, along with his wife Gauri Bhanu, the bank’s current acting president, and vice president, have purchased multiple properties between 2019 and 2024.
A police official stated that during this period, Rs 122 crore was embezzled from the bank, raising suspicions that the properties acquired by the Bhanu couple may be proceeds of crime.
The EOW is now focussing on investigating these properties as part of their probe into the financial scam. The police are exploring the use of new provisions under the BNSS (Bureau of Non-Specific Financial Crime) Act to seize the assets of the fugitives, as the Maharashtra Control of Organised Crime Act (MCOCA) cannot be applied in this case.
The official further elaborated, "We are examining how these properties can be seized, considering that MCOCA does not apply. We are also exploring if the MCOCA provisions can be added to the FIR."
According to the investigation, just before the scam came to light, the couple fled the country, and in the period between 2019 and 2024, Hiren Bhanu reportedly acquired assets worth Rs 10-12 crore in Mumbai and its outskirts.
The EOW has been closely monitoring these properties, which are now under scrutiny to assess whether they were purchased with the stolen funds. The police are considering invoking BNSS Section 107 (related to property attachment, confiscation, or restoration) to seize the assets, as this provision gives law enforcement the authority to confiscate properties when specific Acts like MCOCA cannot be applied.
This investigation is ongoing, and the EOW is working to ensure that the proceeds of the crime are properly recovered, while also ensuring accountability for the Bhanu couple’s actions in the ongoing Rs 122 crore bank scam.
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