Embezzlement case: Couple who occupied top posts at New India Co-Operative Bank wanted

Mumbai, Feb 28 (PTI) The former chairperson and vice chairperson of New India Co-Operative Bank Hiren Bhanu and his wife Gauri Bhanu are wanted in connection with the embezzlement of Rs 122 crore at the lender, which is being probed by the Mumbai police's Economic Offences Wing, an official said on Friday.

Both Hiren (58) and Gauri (50), who are currently abroad, occupied the two posts during the time when the embezzlement took place, he added.

"Hiren surrendered his Indian citizenship and is now a British national. The couple is abroad at present. Besides the Bhanu couple, civil contractor Kapil Dedhia is also wanted in the case. Along with Unnathan Arunachalam alias Arun Bhai, there are now four wanted persons," the official said.

The embezzlement came to light after the Reserve Bank of India inspected the lender's cash safes, following which a case was registered at Dadar police station. The probe was then transferred to the EOW.

The EOW has so far arrested main accused Hitesh Mehta, who was the general manager and head of accounts of the bank, the bank's former CEO Abhimanyu Bhoan and real estate developer Dharmesh Paun.

He also said the EOW on Friday submitted an application in court to conduct forensic psychological test on Mehta and permission was granted.

"It will include a lie detector test to ascertain the facts in the case. Mehta had given Rs 41 crore to arrested accused Dharmesh Paun, Rs 10 crore to Kapil Dedhia, and Rs 33 crore to Arunachalam from the embezzled amount. Arunachalam had received Rs 15 crore in May 2019 and Rs 18 crore in August 2019 from Mehta to deposit in two trusts," he said.

"Arunachalam had claimed they would get Rs 22 crore after depositing Rs 15 crore, and on investing Rs 18 crore, they will get Rs 22 crore by evading income tax and availing rebate since the money was deposited in a trust. Arunachalam had told them one of the trusts where money can be deposited and maximum benefit can be had was Hyderabad based," the official informed.

The EOW probe has found Mehta owns properties in various places in the city and outside Maharashtra, including a Rs 2 crore flat in Vikhroli, a shop worth Rs 1.5 crore, a flat in Dahisar worth Rs 2 crore and another flat in the same area valued at Rs 1.5 crore, he said.

"He also has a bungalow in Valsad in Gujarat. The EOW will seek attachment of these properties during the course of the investigation," the official said. PTI DC BNM

Source: PTI