Mumbai, April 8 (NationPress) The Enforcement Directorate (ED) has provisionally attached a total of 33 properties—both movable and immovable—valued at approximately Rs 16.95 crore belonging to Hiren Ranjit Bhanu, his spouse Gauri Hiren Bhanu, and other family members under the Prevention of Money Laundering Act (PMLA), 2002, as confirmed by officials on Wednesday.

The seized assets comprise fixed deposits, bank account balances, residential apartments, commercial spaces, and plots of agricultural land.

The investigation by the ED’s Mumbai Zonal Office was launched following an FIR filed by the Economic Offences Wing (EOW) of the Mumbai Police, which concerns an extensive embezzlement scheme involving approximately Rs 122 crore from the New India Co-operative Bank Limited (NICBL).

According to the findings, Hitesh Pravinchandra Mehta, who was the General Manager and Head of Accounts at the bank, played a pivotal role in diverting funds.

He allegedly manipulated the accounting systems and fabricated records regarding cash transfers among various branches of the bank.

Mehta reportedly confessed to withdrawing funds over an extended period.

The investigation further disclosed that these irregularities occurred under the direction of Hiren Ranjit Bhanu, the former Chairman and Vice-Chairman of the bank, who maintained considerable control over its operations for many years, both directly and indirectly through associates and family members.

Gauri Hiren Bhanu, who acted as the Chairman and Vice-Chairman, was also identified as a significant beneficiary.

An ED statement indicated that the couple allegedly received ill-gotten gains totaling at least Rs 26 crore.

The inquiry also revealed that Hiren Ranjit Bhanu, in collaboration with certain bank borrowers, acquired foreign companies and business entities without any payment for the transactions.

He allegedly orchestrated the transfer of funds into the accounts of these foreign entities via some Indian borrowers who had received substantial loans from NICBL.

The EOW of the Mumbai Police has already submitted charge sheets in this matter.

Non-bailable warrants and proclamation proceedings have been initiated against Hiren Ranjit Bhanu and his wife.

Both accused individuals are currently outside the country and have not cooperated with the ongoing investigations.

"Further investigations are ongoing to trace the misappropriated funds and identify all individuals and entities implicated in this fraud, which has had a detrimental impact on the bank and its depositors," stated an ED official.

This latest asset attachment follows earlier actions by the ED, which included searches and the seizure of valuables in connection with the case.

This situation underscores the ongoing efforts to combat financial fraud within cooperative banks and the laundering of criminal proceeds through intricate domestic and international routes.