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.
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.
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