Mumbai police Financial Offences Wing (EOW) officers investigating the Rs 122 crore New India Cooperative Financial institution funds embezzlement case questioned seven administrators of the financial institution who all have claimed that they have been unaware of the wrongdoings on the financial institution and that ex-GM Hitesh Mehta and Ex-chairman Hiren Bhanu have been those behind the fraud.
In keeping with EOW officers, financial institution administrators Frederick D’sa, Kurush Paghdiwalla, Milan Kothary, Shiv Kathuria, Viren Barot and Vinit Upadhyay, have all joined inquiry and a few of them claimed that Mehta and Bhanu would present them the financial institution’s audit reviews in the course of the normal conferences and guarantee them that all the things was high-quality.
The administrators have claimed innocence and stated that they have been unaware of the irregularities, claiming Mehta and Bhanu have been behind the fraud, the EOW official stated.
In the meantime, the EOW has written to the Reserve Financial institution of India (RBI) in search of info concerning what prompted the financial institution regulator to provoke an audit, and what they discovered whereas scrutinizing data between 2019-2025.
Thus far, 4 accused have been arrested within the case; Hitesh Mehta, Dharmesh Paun, a developer, who allegedly helped him route the cash, and Abhimanyu Bhoan, former CEO of New India Cooperative Financial institution and Manohar, the son of needed accused Unnanathan Arunachalam.
Apart from Arunachalam three accused, who’ve been proven as needed accused, are Kapil Dedhia and Hiren and Gauri Bhanu. The Bhanu couple are suspected to have obtained Rs 28 crore from the alleged embezzlement. They’re suspected to be hiding overseas. LOCs have been issued towards all of the 4 accused, one other EOW officer a part of the probe stated.
EOW has additionally initiated the method to establish properties owned by Mehta which have been allegedly amassed via the fraud, a senior EOW officer stated.
© The Indian Specific Pvt Ltd
