ED seizes assets worth Rs 1 crore in New India Bank fraud case
The Enforcement Directorate (ED) conducted a search operation on April 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at seven premises in Mumbai and Gujarat in connection with the New India Co-op Bank fraud case.During the raids, various incriminating documents, including property-related papers and assets worth around Rs1 crore, were recovered and seized.The ED's investigation was initiated based on the embezzlement of cash amounting to Rs 122 crore from the New India Co-operative Bank unearthed during the Risk Assessment of New India Cooperative Bank Ltd, conducted by the Reserve Bank of India (RBI).advertisement
The evidence was traced, and it revealed the diversion of bank funds, from those loan accounts which had turned into non-performing assets, to the overseas entities of Hiren Bhanu, the former Chairperson of the Bank.Such transactions have amounted to more than Rs 45 crore which were sent to foreign entities and are now being examined.The Economic Offences Wing (EOW) of Mumbai is also investigating the case under various sections of the Bharatiya Nyaya Sanhita (BNS).An investigation is underway to trace the funds diverted from the Bank to individual(s) or entities, resulting in fraud by the Bank as well as the depositors of the Bank.Further investigation is under progress.Trending Reel
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17 minutes ago
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Liquor scam: ED attaches Congress office in Chhattisgarh's Sukma, properties of MLA Lakhma, son
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