Mumbai Police Attach Rs 168 Crore Worth of Properties in Rs 122 Crore New India Co-op Bank Scam

Mumbai, 3rd April 2025: In a significant move, the Economic Offences Wing (EOW) of the Mumbai Police has received approval to attach 21 immovable properties worth Rs 167.85 crore in connection with the Rs 122 crore embezzlement case at the New India Co-operative Bank. This marks the first such action under Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS) in Mumbai.

The properties belong to five key accused, including former bank general manager Hitesh Mehta and builder Dharmesh Paun. The assets include seven flats, a shop, and a bungalow worth Rs 12 crore owned by Mehta and his family, as well as a slum rehabilitation project in Charkop valued at Rs 150 crore being developed by Paun. Other properties include shops and flats in Bihar and Maharashtra, electronics worth Rs 55 lakh seized from Javed Azam’s showroom and Rs 2.5 crore paid as rent for 10 stores.

The scam came to light during an RBI inspection of the bank’s Prabhadevi and Goregaon branches in February 2024. Investigations revealed that Mehta misappropriated funds from the bank’s vaults and distributed them among associates under the guise of investments promising unusually high returns. The EOW has so far arrested eight individuals, including former CEO Abhimanyu Bhoan, who allegedly supervised the fraudulent transactions.

According to officials, Mehta and his associates used proceeds from the crime to acquire these properties. The court’s decision to allow attachment ensures that these assets can potentially be liquidated to compensate depositors affected by the fraud.

The investigation also uncovered that some funds were sent abroad through hawala channels and deposited into trusts controlled by the accused. Two suspects, Hiren Bhanu and Gauri Bhanu, are currently abroad, and lookout notices have been issued against them.

The EOW continues its probe into this high-profile case, which has shaken Mumbai’s financial circles.