Hiren Bhanu, former chairman of New India Cooperative Bank, and his wife Gauri have been declared proclaimed offenders in a ₹122 crore embezzlement case. The police now have court approval to attach properties worth ₹167.85 crore. The couple fled prior to the emergence of the case, prompting a Blue Corner Notice from the EOW, which has arrested eight people to date and will initiate a forensic audit.
A court in Mumbai has proclaimed Hiren Bhanu, the former chairman of New India Cooperative Bank, and his wife Gauri Bhanu as offenders related to a ₹122 crore embezzlement case following a plea from the Economic Offences Wing (EOW). The court has permitted police to attach 21 properties valued at ₹167.85 crore, including a ₹150-crore Slum Rehabilitation Project, as part of the investigation. This marks the first such action under new criminal laws in the city.
The Bhanu couple reportedly fled the country days prior to the public revelation of the embezzlement case in February. Hiren Bhanu departed on January 26, and Gauri Bhanu left on February 10. In response, the EOW issued a Blue Corner Notice as their whereabouts became critical to the ongoing investigation. Eight individuals have already been arrested, including former bank executives Hitesh Mehta and Abhimanyu Bhoan.
In the wake of these developments, Mehta underwent polygraph and brain mapping tests, with results pending. As the investigation continues, the EOW is preparing to initiate a forensic audit to comprehensively assess the financial irregularities that have been uncovered thus far.
Preliminary findings revealed discrepancies in loan accounts classified as Non Performing Assets (NPAs), with some sold to Omkara Assets Reconstruction Company for significantly less than their mortgage value. For instance, a ₹30 crore NPA yielded only ₹2 to ₹3 crore upon sale. Senior officials from the ARC will be called in for questioning regarding these financial decisions.
The police are now set to attach multiple properties linked to five accused in the embezzlement case. Among these are a property portfolio owned by builder Dharmesh Paun, who is arrested, and additional assets owned by others involved in the alleged misconduct. This enforcement signifies a stringent application of section 107 of the Bharatiya Nagarik Suraksha Sanhita, allowing seizure of assets acquired through criminal activities.
In summary, the case against Hiren Bhanu and Gauri Bhanu marks a significant action by Mumbai authorities in response to financial misconduct within the cooperative banking sector. The ongoing investigation by the EOW, alongside the strategic asset attachments and the forthcoming forensic audit, indicates a serious effort to hold accountable those involved in the ₹122 crore embezzlement. As more details emerge, the authorities are committed to uncovering the full extent of the malfeasance and restoring integrity to the financial system.
Original Source: www.hindustantimes.com
