New India Cooperative Bank Scam: EOW Raids Ex-Chairman’s Home in ₹122 Crore Fraud Investigation
Mumbai’s Economic Offences Wing (EOW) has intensified its probe into the ₹122 crore embezzlement case at New India Cooperative Bank, conducting a search at the residence of the bank’s former chairman, Hiren Bhanu.
During the raid at his Malabar Hill apartment, which he shared with his wife Gauri Bhanu—also a former vice chairman of the bank—investigators recovered crucial documents now under examination. The couple also owns a flat on Nepean Sea Road, which they have rented out. Both remain wanted in the case, and authorities are now tracking their properties to determine if they were purchased using embezzled funds.
Meanwhile, former general manager Hitesh Mehta, who headed the bank’s accounts department, is under scrutiny. Investigators allege he is withholding key details related to the case. While he has refused to undergo a lie detector test voluntarily, a court has granted permission for a forensic psychological examination, which will take place on March 11.
The investigation also seeks to understand why the Reserve Bank of India (RBI) conducted an inspection of the bank in February 2025. Police have noted unusual cash fluctuations in the bank’s balance sheets—rising from ₹33.71 crore in 2019 to ₹194 crore by 2021, before dropping to ₹105 crore in 2022 and then spiking to ₹152 crore in the current financial year.
So far, four individuals have been arrested in connection with the fraud, while four more suspects remain on the run. The EOW continues its efforts to uncover the full extent of the scam and those involved.
News Source : Information for this article was gathered from a variety of reliable news outlets.
