Mumbai EOW seeks custody of key fraud suspects

Mumbai police are continuing their investigation into a major fraud case at New India Cooperative Bank. The Economic Offences Wing (EOW) is seeking to extend custody of two key suspects: Hitesh Mehta, a former general manager, and builder Dharmesh Paun. They are linked to the alleged embezzlement of ₹ 122 crore from the bank. The police aim to confront Mehta and Paun with three other arrested individuals to determine how much money each received from the stolen funds. The investigation started when officials from the Reserve Bank of India discovered the missing funds during an audit on February 12. Mehta, an employee since 1988, later confessed to taking money from the bank since the pandemic began. Other arrested suspects include Unnanathan Arunachalam, who allegedly received ₹ 40 crore, and civil contractor Kapil Dedhia, who supposedly got ₹ 12 crore. Javed Azam, related to a former BJP official, is also involved. Reports suggest that Azam helped hide Arunachalam to avoid exposure after his arrest. The EOW was informed of several properties linked to Hiren and Gauri Bhanu, the bank's former chairman and his wife, who have fled the country. They are accused of receiving ₹ 28 crore in kickbacks. The police are moving to seize their assets, which include valuable real estate. Currently, the EOW has custody of Arunachalam and Azam until March 24 and is working to secure additional custody for Mehta and Paun to further investigate their roles in the scheme.