Latest news with #HiteshMehta
Time of India
11 hours ago
- Time of India
ED records statements of eight accused in New India Cooperative Bank scam
Mumbai: A special court on Thursday granted permission to the Enforcement Directorate (ED) to record the statements of eight individuals currently held in judicial custody at Arthur Road Jail. This is in connection with an ongoing investigation into the Rs 122 crore New India Cooperative Bank scam. The order allowed an assistant director and two ED officers to question the accused between June 16 and July 10, 2025. The accused, identified as Hitesh Mehta, Dharmesh Poun, Abhimanyu Bhoan, Manohar Marutwar, Kapil Dedhiya, Ulahanathan Marutwar, Javed Ajam, and Rajivranjan Pande, were arrested by the Economic Offences Wing (EOW) of Mumbai Police and are currently in judicial custody. The court also directed the superintendent of Arthur Road Jail to permit the ED officers to bring electronic gadgets such as mobile phones, laptops, printers, and pen drives for the purpose of recording the statements.
Time of India
16-05-2025
- Business
- Time of India
Private firm accountant booked for ₹3 cr fraud
Hyderabad: A partner of a Secunderabad-based private firm has filed a complaint against the company's accountant, alleging misappropriation of ₹3 crore. The central crime station (CCS) has registered a criminal case and launched an investigation. Tired of too many ads? go ad free now The complainant, Hitesh Mehta, a partner at a private electrical and mechanical firm, accused the accountant, B Sandeep Kumar, of fraudulently adding personal bank accounts—disguised under names resembling legitimate vendors—to the company's beneficiary list and transferring funds over the past three years. Sandeep allegedly executed the scheme with the help of four accomplices, including his wife and other family members. According to the complaint filed with CCS Hyderabad, Sandeep, who had been employed with the firm since 2006, exploited his position of trust and access to the company's digital banking systems. The fraud was uncovered in Feb 2025, when an employee flagged a suspicious transaction of ₹14 lakh, prompting a full audit. The audit revealed that Sandeep had created fake vendor accounts in the firm's internet banking portal. These accounts—named ALMONARDPVTL, HEXLUG, and HEXGLAND—were, in reality, linked to personal bank accounts belonging to his wife, sister, brother-in-law, and a friend. Funds were siphoned off using these aliases to avoid detection. Based on the findings, CCS registered a case on May 12 under sections 316(4) (criminal breach of trust by clerk or servant), 318(4) (cheating), 336(3) (forgery for the purpose of cheating), 344 (falsification of accounts) read with 61(2) (criminal conspiracy punishment) of the Bharatiya Nyaya Sanhita, along with relevant provisions of the IT Act, against Sandeep, his wife, and three others. The police have initiated efforts to trace and recover the defrauded amount.
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Business Standard
14-05-2025
- Business
- Business Standard
EOW files chargesheet in Rs 122 crore New India Co-operative Bank 'scam'
The Economic Offences Wing (EOW) of the Mumbai Police has filed a chargesheet in connection with the alleged ₹122-crore fraud involving New India Co-operative Bank. The alleged scam, which came to light after a Reserve Bank of India inspection, centres around large-scale embezzlement allegedly carried out over several years. Among those named in the over 12,600-page chargesheet are former bank chairman Hiten Bhanu and his wife Gauri Bhanu, who served as vice-chairperson. Both have been declared proclaimed offenders and are believed to have fled the country. Since they remain untraceable despite multiple efforts by the EOW, they have been chargesheeted under Section 335 of the Bharatiya Nagarik Suraksha Sanhita, which allows evidence to be recorded in the absence of the accused. The alleged mastermind, former general manager Hitesh Mehta, is among eight individuals arrested so far. These include ex-bank officials, private individuals, and real estate developer Dharmesh Paun. Several auditors who were responsible for reviewing the bank's financial records — Abhijeet Deshmukh of Sanjay Rane and Associates, Laxminarayan Nayak of Shinde Nayak and Associates, and Subhash Mogal of SI Mogal and Company — have also been named for failing to flag the irregularities during audits. Modus operandi Investigators allege that Mehta stole cash from the safes of the bank's Prabhadevi and Goregaon branches between 2019 and 2025, handing the money over to Paun and Arunachalam Ullahanathan Maruthuvar. The fraud reportedly remained undetected for years, even escaping the notice of RBI-appointed directors on the bank's board. Following Mehta's arrest, he underwent a brain-mapping test, which, while not admissible as direct evidence, has helped the EOW identify additional suspects. According to police, the results pointed to the involvement of other individuals, including former CEO Abhimanyu Bhoan and Maruthuvar's son Manohar. Legal defence and ongoing proceedings A lawyer representing the Bhanus claimed the couple had requested to be examined over video conferencing but received no response from authorities. He also stated that the funds found in Hiren Bhanu's overseas accounts were part of legitimate business activities, unrelated to the alleged embezzlement. Meanwhile, the EOW has attached assets worth approximately ₹167 crore belonging to the accused. These include 21 properties — flats, commercial premises, and a bungalow — located in Maharashtra, Gujarat, and Bihar, some of which are in the names of Hitesh Mehta and his family. Additional investigations The EOW is continuing its investigation and has named six other individuals as wanted in the case. Among them are Subhash Mogal, Ajay Rathod, Pawan Jaiswal, and Shaukat Jamdar from Mogal Company. A supplementary chargesheet is expected against them. Authorities are also conducting a preliminary inquiry into loans amounting to over ₹400 crore that were reportedly extended to defaulters despite ongoing non-payments, raising concerns about potential irregularities in loan disbursements. To date, statements from 45 witnesses have been recorded, with eight of them documented under Section 183 of the Indian Civil Security Act.
Time of India
13-05-2025
- Time of India
EOW files chargesheet in 122-crore coop bank scam, names 10 accused
Mumbai: The city police's Ec-onomic Offences Wing (EOW), probing the Rs 122 crore New India Cooperative Bank embezzlement case, submitted a chargesheet running into 12,634 pages against 10 accused. Tired of too many ads? go ad free now The accused committed criminal breach of trust and misappropriated the Rs 122 crore cash kept in the safe deposit box of the bank's Prabhadevi and Goregaon offices, claimed the filed before the 47th Metropolitan Magistrate Court. The misappropriation of funds came to light when an RBI team inspected the bank on Feb 12 and found Rs 122 crore cash missing. The bank's general manager and head of accounts, Hitesh Mehta, was accused of withdrawing large amounts of money by misusing his position. The chargesheet names Mehta, developer Dharmesh Paun, the bank's former CEO Abhimanyu Bhoan, Dahisar resident Manohar Arunchalam and his son Ulhashnath, civil contractor Kapil De-dhia, Javed Farooq Azam, Ravivaranjan Pandey, and the ba-nk's former vice-chairman Hiren Bhanu and his wife Gauri. Ajay Singh Rathore from Rajasthan, Pawan Jaiswal from Jharkhand, Shaukat Jamadar from Belgaum in Karnataka, Abhijit Arun Deshmukh of M/s Sanjay Rane & Associates, Lakshminarayan Venkatesh Nayaka of Shinde Nayak & Associates, Subhash Indrajit Mogal, and other associates from MI Mogal & Company, Subhash Indrajit Mogal, have been shown as absconding accused in the The city police's Ec-onomic Offences Wing (EOW), probing the Rs 122 crore New India Cooperative Bank embezzlement case, submitted a chargesheet running into 12,634 pages against 10 accused. The accused committed criminal breach of trust and misappropriated the Rs 122 crore cash kept in the safe deposit box of the bank's Prabhadevi and Goregaon offices, claimed the EOW chargesheet filed before the 47th Metropolitan Magistrate Court. The misappropriation of funds came to light when an RBI team inspected the bank on Feb 12 and found Rs 122 crore cash missing. The bank's general manager and head of accounts, Hitesh Mehta, was accused of withdrawing large amounts of money by misusing his position. The chargesheet names Mehta, developer Dharmesh Paun, the bank's former CEO Abhimanyu Bhoan, Dahisar resident Manohar Arunchalam and his son Ulhashnath, civil contractor Kapil De-dhia, Javed Farooq Azam, Ravivaranjan Pandey, and the ba-nk's former vice-chairman Hiren Bhanu and his wife Gauri. Ajay Singh Rathore from Rajasthan, Pawan Jaiswal from Jharkhand, Shaukat Jamadar from Belgaum in Karnataka, Abhijit Arun Deshmukh of M/s Sanjay Rane & Associates, Lakshminarayan Venkatesh Nayaka of Shinde Nayak & Associates, Subhash Indrajit Mogal, and other associates from MI Mogal & Company, Subhash Indrajit Mogal, have been shown as absconding accused in the case.
