• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
EOW-Investigates-₹122-Crore-New-India-Cooperative-Bank-Fraud,-Traces-₹40-Crore-Laundered

EOW Investigates ₹122 Crore New India Cooperative Bank Fraud, Traces ₹40 Crore Laundered

03/05/2025
U.S. Tariff Shift Reshapes Global Steel and Aluminum Supply Chains

U.S. Tariff Shift Reshapes Global Steel and Aluminum Supply Chains

06/02/2025
US Tariff Pause Drives Short-Term Growth in Global Container Rates and Boosts Supply Chain Activity

US Tariff Pause Drives Short-Term Growth in Global Container Rates and Boosts Supply Chain Activity

06/02/2025
United States Partnership Boosts Supply Chain Efficiency Amid Tariff Challenges

United States Partnership Boosts Supply Chain Efficiency Amid Tariff Challenges

06/02/2025
Switzerland’s Export Momentum Shows Supply Chain Strength Amid U.S. Tariff Shifts

Switzerland’s Export Momentum Shows Supply Chain Strength Amid U.S. Tariff Shifts

06/02/2025
Asia-Pacific Air Cargo Soars with 10% Growth Amid Tariff-Driven Demand Shifts

Asia-Pacific Air Cargo Soars with 10% Growth Amid Tariff-Driven Demand Shifts

05/30/2025
India’s MSMEs Embrace Supply Chain Innovation Amid E-Commerce Growth and Tariff Reforms

India’s MSMEs Embrace Supply Chain Innovation Amid E-Commerce Growth and Tariff Reforms

05/30/2025
Tariff Hike Signals Shift in U.S. Steel Supply Chain Strategy

Tariff Hike Signals Shift in U.S. Steel Supply Chain Strategy

06/02/2025
Anwar Urges ASEAN to Enhance Economic Ties and Tackle Challenges

Anwar Urges ASEAN to Enhance Economic Ties and Tackle Challenges

05/23/2025
U.S. Government Explores Policy Options on Tariff-Related Price Increases

U.S. Government Explores Policy Options on Tariff-Related Price Increases

05/22/2025
Global retailers consider spreading tariff costs across markets

Global retailers consider spreading tariff costs across markets

05/22/2025
Walmart Will Absorb Some Tariff Costs, Says Treasury Secretary Bessent

Walmart Will Absorb Some Tariff Costs, Says Treasury Secretary Bessent

05/19/2025
Trump Administration Reaffirms Tariffs for Nations Avoiding Trade Talks

Trump Administration Reaffirms Tariffs for Nations Avoiding Trade Talks

05/19/2025
supplychainreport
Tuesday, June 3, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

EOW Investigates ₹122 Crore New India Cooperative Bank Fraud, Traces ₹40 Crore Laundered

by Giezel Garcia
03/05/2025
in Anti-Money Laundering (AML), Compliance

Mumbai: The Economic Offences Wing (EOW) of Mumbai Police is continuing its investigation into the ₹122 crore fraud involving New India Cooperative Bank. Authorities have identified ₹40 crore that was allegedly laundered before being used for real estate transactions.

YOU MAY ALSO LIKE

Liberia’s Lonestar Cell MTN Mobile Money Fined for AML/CFT Compliance Failures

AI in Risk Management: Current Applications, Future Potential, and Limitations

According to officials, the accused, including Manohar Arunachalam and absconding suspect Ulhanath Arunachalam, reportedly transferred a portion of the embezzled funds to the prime accused, Hitesh Mehta. The money was allegedly used for the purchase of a flat in the Godrej Reserve project, though the exact amount remains under investigation.

Tracing Financial Transactions

EOW sources have also found that two absconding suspects, Kapil Dedhia and Hitesh Mehta, received deposits amounting to several crores from unidentified bank accounts. Authorities are working to trace the origins of these transactions and identify the individuals involved.

Investigators reported that after receiving ₹40 crore from Mehta, Manohar Arunachalam allegedly transferred the amount into his company’s bank account, Magas Consultancy, before redistributing it to various recipients. Additionally, records indicate that ₹5.4 lakh was transferred from Magas Consultancy’s account to Kapil Dedhia.

During questioning, Arunachalam has not provided details about the further distribution of funds. Officials suspect that a portion of the money may have been diverted to a trust, though its identity has not yet been disclosed.

Legal Proceedings and Further Investigation

On Tuesday, the EOW presented Manohar Arunachalam and former CEO Abhimanyu Bhon before the Fort Court. The prosecution requested seven days of police custody for Arunachalam and judicial custody for Bhon. The court granted five days of police custody for Arunachalam, while Bhon was remanded to judicial custody.

Authorities are also investigating international movements related to the case. Records show that Gauri Bhanu traveled to Thailand on February 10, shortly before an inspection, while Hiren Bhanu left for a Gulf nation on January 26. Officials confirmed that Hiren Bhanu has renounced his Indian citizenship and is now a British national. The EOW has initiated the process of issuing a Blue Corner Notice against both individuals.

The investigation is ongoing as authorities work to trace the missing funds and identify additional individuals linked to the case.

Catch the latest supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.

#FinancialFraud #BankScam #MoneyLaundering #EOWInvestigation #CorporateCrime #IndiaBanking #FraudDetection

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.