EOW Investigates Rs 122 Crore Scam, Targets Assets of Banker Couple

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The Economic Offences Wing (EOW) of the Mumbai Police is intensifying its investigation into the Rs 122 crore embezzlement scandal at the New India Co-operative Bank. The focus is now on seizing the assets of the prime accused—banking duo Hiren and Gauri Bhanu—who are believed to have purchased multiple properties using suspected illicit funds. This new development follows revelations that the couple absconded shortly before the scam was uncovered.

Gauri and Hiren Bhanu, the Banker Couple Accused in the Rs 122 Crore Scam.
    Gauri and Hiren Bhanu, the Banker Couple Accused in the Rs 122 Crore Scam.

Allegations Against the Bhanu Couple

Hiren Bhanu, the former chairman of the bank, and his wife, Gauri Bhanu, who held prominent positions as the acting chairperson and vice-chairperson, are under scrutiny for their role in the embezzlement scheme that spanned between 2019 and 2024. During this period, a sum of Rs 122 crore was siphoned off from the bank with the help of their accomplice, Hitesh Mehta, the former general manager.

EOW sources claim that the couple used the stolen funds to acquire various properties in and around Mumbai, which are now being examined. Investigators estimate that Hiren Bhanu personally purchased assets worth around Rs 10-12 crore during this period, casting a shadow over the legitimacy of these acquisitions.

New Legal Approach to Seize Assets

With the suspects now abroad, the EOW is exploring legal avenues to seize their assets. Officials are considering invoking Section 107 of the newly introduced provisions of the BNSS (Banking and Financial Sector Security Act), which would allow the police to attach properties suspected to be proceeds of crime. This section is particularly significant because the MPID Act, which would typically authorize asset seizures, cannot be applied in this case.

According to EOW sources, the investigation is focused on proving that the properties acquired by the Bhanu couple were derived from the proceeds of the crime. “We are looking at ways to use Section 107 of the BNSS Act to seize the properties with the court’s permission. We will move forward with a formal application once all the legal checks are in place,” an EOW officer shared.

The Couple’s Disappearance

Just days before the scam broke, both Hiren and Gauri Bhanu fled the country. Hiren reportedly traveled to Abu Dhabi, where he surrendered his Indian nationality and reportedly acquired British citizenship. Gauri Bhanu, on the other hand, is said to have left for Thailand. In their absence, the EOW has issued a lookout circular and a blue-corner notice against the couple. If they do not return to India, a red-corner notice may be issued after the charge sheet is filed.

The Investigation Continues

In addition to focusing on the Bhanu couple, the EOW has been conducting a series of investigations into the bank’s operations. They recently subjected Hitesh Mehta, the main suspect, to a polygraph test. According to sources, Mehta provided inconsistent statements during the test about his involvement in the Rs 122 crore fraud.

So far, the EOW has arrested four individuals, including former CEO Abhimanyu Bhoan and SRA developer Dharmesh Paun, both of whom are believed to have benefited from the embezzlement. The investigation is ongoing, and more arrests are expected as the authorities continue to untangle the complex web of financial crimes.

Conclusion

As the EOW tightens its grip on the perpetrators of the Rs 122 crore scam, the investigation into the Bhanu couple’s assets and their flight from India remains a critical focus. With new legal tools at their disposal, authorities are determined to recover the stolen funds and hold all involved accountable, including those who have fled the country.

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