Mumbai Police Investigates ₹122 Crore Fraud at New India Cooperative Bank

The Economic Offences Wing has arrested three key suspects, including the former CEO, in connection with the embezzlement and money laundering scheme.

The Economic Offences Wing (EOW) of Mumbai Police is investigating a ₹122 crore scam involving New India Cooperative Bank, with funds allegedly siphoned off between 2020 and 2024.
Hitesh Mehta, the bank's former General Manager and the main accused, reportedly laundered funds through unidentified trust accounts and hawala operators, paying commissions to accomplices.
Former CEO Abhimanyu Bhoan, arrested after evading questions, is accused of complicity in the scheme and allowing cash withdrawal limits to be breached during his tenure.
Developer Dharmesh Paun and solar panel dealer Unnanathan Arunachalam have also been implicated, with Paun receiving ₹70 crore and Arunachalam allegedly absconding with ₹50 crore.
The Reserve Bank of India has imposed restrictions on the bank’s operations to protect depositors, prohibiting withdrawals and new loans without prior approval.