A Mumbai court has declared Hiren and Gauri Bhanu, former officials of New India Cooperative Bank, as proclaimed offenders in a ₹122 crore embezzlement case. The police have been authorized to attach properties worth ₹167.85 crore linked to this case. The investigation has led to several arrests, with ongoing efforts to understand the financial misconduct involved.
A Mumbai court has proclaimed former chairman of New India Cooperative Bank, Hiren Bhanu, and his wife, Gauri Bhanu, as offenders in a ₹122 crore embezzlement case. Following this declaration, the court has permitted police to attach 21 properties linked to the accused, which include a notable ₹150-crore Slum Rehabilitation Project, totaling ₹167.85 crore in assets.
The Bhanu couple had fled the country shortly before the scandal emerged in February. The Economic Offences Wing (EOW) of the Mumbai police is conducting investigations and has arrested eight individuals, including former general manager Hitesh Mehta and ex-CEO Abhimanyu Bhoan. The court accepted the EOW’s request to declare the Bhanus as proclaimed offenders due to their abscondence.
Hiren Bhanu departed on January 26, while Gauri left on February 10, necessitating a Blue Corner Notice against them for tracking their whereabouts. Investigators are examining the circumstances under which numerous Non-Performing Assets (NPA) were sold at significantly lower than expected amounts, prompting the need for a forensic audit to clarify these transactions.
Recently, a city court authorized the attachment of the properties associated with the suspects under section 107 of the Bharatiya Nagarik Suraksha Sanhita, permitting police to seize assets derived from illegal activities. The properties seized include a slum project at Charkop, various flats, and commercial establishments owned by the accused, indicating a significant development in the ongoing case.
In conclusion, the declaration of Hiren and Gauri Bhanu as proclaimed offenders highlights the seriousness of the ₹122 crore embezzlement case at New India Cooperative Bank. The police’s ability to attach properties valued at ₹167.85 crore under new legal provisions marks a significant step in addressing financial crimes. Continued investigations by the EOW aim to unveil the extent of the fraudulent activities and restore accountability within the banking sector.
Original Source: www.hindustantimes.com
