A local court has issued a non-bailable warrant (NBW) for the arrest of Hiren Bhanu, the former chairman of New India Cooperative Bank, and his wife, Gauri Bhanu, in connection with a massive Rs 122 crore embezzlement scandal. The couple fled the country just before the scam came to light last month, officials confirmed on Wednesday.
Seven arrested so far
The Economic Offences Wing (EOW) of the Mumbai Police, which is leading the investigation, has already arrested seven individuals linked to the case. According to sources, Hiren and Gauri Bhanu played a key role in siphoning funds from the bank’s Prabhadevi and Goregaon branches in Mumbai.
“The Bhanu couple fled the country on January 26 and February 10, respectively, just before the fraud was uncovered,” an EOW official said. To aid their capture, authorities had previously issued a Blue Corner Notice to alert international law enforcement agencies.
In a bid to expedite their extradition, the EOW petitioned the court for a non-bailable warrant, which was granted. Investigators have so far failed to locate the couple at their known addresses in Mumbai, including rented apartments in South Mumbai. Efforts are now underway in coordination with international agencies to track them down.
Meanwhile, one of the other key suspects, Unnathan Arunachalam, was arrested in Bihar after evading capture for weeks, bringing the total number of arrests in the case to seven.
What is the scam?
The scam, which surfaced in February, involved the fraudulent withdrawal of Rs 122 crore from the bank’s funds. Former General Manager and Head of Accounts, Hitesh Mehta, was arrested on February 15 in connection with the fraud. Following his arrest, six others were also detained.
Last week, the Mumbai Police conducted a polygraph test on Mehta, though the results have not been disclosed. However, sources within the EOW suggest that his responses showed signs of deception.
Authorities believe that more individuals may be involved, and further arrests are expected as the investigation deepens. Investigators are also examining additional financial transactions to uncover the full extent of the scam and ensure all culprits are brought to justice.
The EOW remains committed to tracking down Hiren and Gauri Bhanu, who are currently at large overseas.
(With PTI Inputs)