Mumbai Police Pursues Hidden Assets of Fugitives in Rs 122 Crore New India Cooperative Bank Scandal
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Synopsis
The Mumbai Police's Economic Offences Wing is investigating a substantial fraud involving the New India Cooperative Bank, where Rs 122 crore has been embezzled. The focus is on the hidden assets of fugitives Hiren and Gauri Bhanu.
Key Takeaways
- EOW is probing a Rs 122 crore embezzlement case.
- Hiren and Gauri Bhanu are key suspects in the fraud.
- Properties acquired by the couple are under investigation.
- New provisions under BNSS Act may be utilized for asset seizure.
- MCOCA cannot be applied in this case.
New Delhi, March 13 (NationPress) The Economic Offences Wing (EOW) of the Mumbai Police is delving into a significant financial fraud linked to the New India Cooperative Bank, where an estimated Rs 122 crore has been misappropriated.
Investigations have uncovered that former bank president Hiren Bhanu, who is evading authorities, along with his spouse Gauri Bhanu, the acting president and vice president of the bank, acquired numerous properties from 2019 to 2024.
A police spokesperson indicated that during this timeframe, Rs 122 crore was misappropriated from the bank, leading to suspicions that the assets obtained by the Bhanu couple might be derived from illicit activities.
The EOW is concentrating on scrutinizing these assets as part of the broader inquiry into this financial scandal. The police are contemplating the application of new provisions under the BNSS (Bureau of Non-Specific Financial Crime) Act to confiscate the fugitives' properties, as the Maharashtra Control of Organised Crime Act (MCOCA) is not applicable here.
The official elaborated, "We are investigating how these assets can be seized, considering MCOCA does not apply. We are also looking into the possibility of incorporating MCOCA provisions into the FIR."
According to the investigation, the couple fled the country just before the fraud was uncovered, and between 2019 and 2024, Hiren Bhanu reportedly amassed assets valued at Rs 10-12 crore in Mumbai and its surrounding areas.
The EOW has been vigilantly monitoring these properties, which are now under examination to determine if they were bought using the misappropriated funds. The police are contemplating the invocation of BNSS Section 107 (related to property attachment, confiscation, or restoration) to seize the assets, as this law empowers law enforcement to confiscate properties when specific Acts like MCOCA are not applicable.
This investigation is in progress, and the EOW is committed to ensuring that the proceeds of the crime are appropriately recovered, while also holding the Bhanu couple accountable for their involvement in the ongoing Rs 122 crore bank fraud.
