Latest news with #NewIndiaCooperativeBank
Time of India
3 days 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
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.
Time of India
03-05-2025
- Business
- Time of India
New India Bank fraud: No court relief for accused
Mumbai: Considering the role of many accused, the huge amount of money, and the chances of the accused absconding and destroying evidence, the magistrate's court rejected the bail plea of Javed Aazam. Tired of too many ads? go ad free now Javed is the younger brother of the BJP's former Maharashtra secretary, Hyder Azam, and was arrested by the city Economic Offences Wing probing the alleged misappropriation of Rs 122 crore from New India Cooperative Bank . It is alleged that the accused opened showrooms named "Digital Duniya" with Rs 18 crore fraud amount. tnn
Indian Express
30-04-2025
- Business
- Indian Express
Rs 122 crore embezzlement case: Bail plea of New India coop bank former CEO rejected
A magistrate court rejected the bail plea of Abhimanyu Bhoan, former CEO of New India Cooperative Bank, arrested in connection with alleged embezzlement of Rs 122 crore from the bank's safe. The court said that although no amount has been recovered from him yet, the allegation against him is that he destroyed his old phone in a bid to erase evidence. 'Though yet no any amount is recovered from the accused but it is an allegation against him that he is using new mobile and (had) destroyed the previous mobile with a view to destroy evidence against him and the absconded main accused. The above conduct is sufficient to held that he is having involvement in the offence and investigation is yet to be ended. Moreover he was the CEO of the Bank and it is an allegation that he was well aware about the cash in hand in the Bank…,' the additional chief judicial magistrate said in the order passed on Monday, made available on Tuesday. The Economic Offences Wing (EOW) of the Mumbai Police had arrested Bhoan in February along with Hitesh Mehta, the former general manager of the bank, claiming that they illegally collected and deposited money in the bank and embezzled money in small amounts. The police had claimed that Bhoan was given Rs 1 crore of the embezzled amount. Bhoan, in his bail plea, said that there was no evidence against him other than the statement of Mehta and that he was falsely implicated. He also submitted that he had a salary of Rs 60 lakh per annum, and hence it is not possible that he would put at risk his family and himself over Rs 1 crore. He also submitted that he was not handling day to day affairs of the bank. The police opposed the bail plea stating that Bhoan was aware of the fact that the cash retention limit of the bank for each branch had increased from Rs 10 crore to Rs 20 crore. The police also said that they had found documents belonging to Hiren Bhanu, former chairperson and his wife Gauri, former vice-chairperson of the bank, the two co-accused who are absconding, on Bhoan's laptop. '…with the help of present accused the main accused Hiren Bhanu and Gauri Bhanu committed the offence therefore if he will be released on bail there is chances of his absconding and to destroy the evidence,' the court said.
Time of India
30-04-2025
- Time of India
122 crore embezzlement case: Court rejects bail plea of former CEO of New India Cooperative Bank
Mumbai: Citing concerns about potential evidence destruction and the possibility of the accused absconding, a magistrate's court this week rejected the bail plea of Abhimanyu Bhoan, former CEO of New India Cooperative Bank . The court noted that while no funds have yet been recovered from the accused, the prosecution alleged that he played a crucial role in the offence, working in cahoots with the main accused, Hiren Bhano and Gauri Bhano, who are currently absconding. Bhoan was arrested by the Economic Offences Wing in connection with the embezzlement of Rs 122 crore from the bank's safe. The court noted that while no funds have yet been recovered from the accused, the prosecution alleged that he played a crucial role in the offence, working in cahoots with the main accused, Hiren Bhano and Gauri Bhano, who are currently absconding. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai "Though no amount has been recovered yet from the accused, there are allegation against him of using a new mobile phone in order to destroy evidence against him at the other accused. This conduct is sufficient to state his involvement in the offence and the investigation is on going, the magistrate said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gentle Japanese hair growth method for men and women's scalp Hair's Rich Learn More Undo Given his former high-ranking position within the bank, the prosecution argued that he possessed intimate knowledge of the bank's cash reserves and allegedly facilitated the crime committed by the Bhano duo. The court stated that the alleged actions of destroying a mobile phone to conceal evidence, coupled with the ongoing investigation and the absconding status of the main accused, present a significant risk of the former CEO also absconding or further tampering with evidence if released on bail. Mumbai: Citing concerns about potential evidence destruction and the possibility of the accused absconding, a magistrate's court this week rejected the bail plea of Abhimanyu Bhoan, former CEO of New India Cooperative Bank. The court noted that while no funds have yet been recovered from the accused, the prosecution alleged that he played a crucial role in the offence, working in cahoots with the main accused, Hiren Bhano and Gauri Bhano, who are currently absconding. Bhoan was arrested by the Economic Offences Wing in connection with the embezzlement of Rs 122 crore from the bank's safe. The court noted that while no funds have yet been recovered from the accused, the prosecution alleged that he played a crucial role in the offence, working in cahoots with the main accused, Hiren Bhano and Gauri Bhano, who are currently absconding. "Though no amount has been recovered yet from the accused, there are allegation against him of using a new mobile phone in order to destroy evidence against him at the other accused. This conduct is sufficient to state his involvement in the offence and the investigation is on going, the magistrate said. Given his former high-ranking position within the bank, the prosecution argued that he possessed intimate knowledge of the bank's cash reserves and allegedly facilitated the crime committed by the Bhano duo. The court stated that the alleged actions of destroying a mobile phone to conceal evidence, coupled with the ongoing investigation and the absconding status of the main accused, present a significant risk of the former CEO also absconding or further tampering with evidence if released on bail.
