Mumbai, March 1 — The former chairperson and vice chairperson of New India Co-Operative Bank, Hiren Bhanu (58) and his wife Gauri Bhanu (50), are wanted in connection with the embezzlement of Rs 122 crore, a significant financial crime being investigated by Mumbai’s Economic Offences Wing (EOW), an official confirmed on Friday.
The embezzlement, which took place during their tenure at the bank, came to light after an inspection by the Reserve Bank of India (RBI), which led to the discovery of discrepancies in the bank’s cash safes. Following this, a case was registered at Dadar police station, before being transferred to the EOW for further investigation.
Funds Flow and International Involvement
The Bhanu couple is believed to have received Rs 28 crore from the embezzled funds. The investigation has revealed that Hiren Bhanu, who surrendered his Indian citizenship and is now a British national, is currently residing abroad with his wife. Along with the Bhanus, the EOW is also looking for civil contractor Kapil Dedhia and Unnathan Arunachalam, also known as Arun Bhai, who are linked to the case.
Key Arrests and Allegations
The EOW has already arrested several individuals involved in the embezzlement scheme, including Hitesh Mehta, the bank’s general manager and head of accounts, Abhimanyu Bhoan, the former CEO of the bank, and real estate developer Dharmesh Paun. According to officials, Bhoan was in contact with the Bhanus after the embezzlement was uncovered by the RBI. However, when questioned, Bhoan claimed that his phone had been damaged and misplaced, though the EOW discovered several of Hiren Bhanu’s personal documents, including his passport and RBI notices, on Bhoan’s laptop.
Forensic Investigation and Lies Revealed
In a bid to gather more details about the crime, the EOW has sought court approval for a forensic psychological test on Hitesh Mehta, which will include a lie detector test. Mehta allegedly distributed the stolen funds to various individuals. According to the investigation, Mehta transferred Rs 41 crore to Paun, Rs 10 crore to Dedhia, and Rs 33 crore to Arunachalam. Arunachalam reportedly received Rs 15 crore in May 2019 and Rs 18 crore in August 2019 to be deposited into two trusts in exchange for tax evasion benefits.
Arunachalam allegedly promised returns of Rs 22 crore on each of the investments by circumventing income tax laws, with one of the trusts said to be based in Hyderabad for maximum tax rebate. The EOW’s probe suggests that another Rs 7 crore was also given by Mehta to Arunachalam.
Property Details and Further Investigations
The investigation has uncovered that Mehta owns multiple properties, including a Rs 2 crore flat in Vikhroli, a Rs 1.5 crore shop, two flats worth Rs 2 crore and Rs 1.5 crore in Dahisar, and a bungalow in Valsad, Gujarat. The EOW plans to seek attachment of these assets as the investigation continues.
As the search for the Bhanus and their associates intensifies, the Mumbai Police are leaving no stone unturned in unravelling the full extent of the financial fraud.
Last updated by a enewsx: