EOW Targets Ex-Bank Chairman in Rs 122 Crore Embezzlement Probe

The Mumbai police's economic offences wing has raided the home of Hiren Bhanu, the former chairman of New India Cooperative Bank, in relation to a Rs 122 crore embezzlement case. Several documents were seized, and investigations are ongoing to trace properties. Four arrests have been made, with more suspects evading authorities.

The economic offences wing of Mumbai police searched the residence of former New India Cooperative Bank chairman Hiren Bhanu on suspicions of a Rs 122 crore embezzlement on Wednesday. Officials recovered several documents, which are now being examined by the police.

The residence, located in the Malabar Hill area, was shared by Bhanu and his wife Gauri, who previously served as vice chairman at the bank. The couple also owns a rented flat on Nepean Sea Road. Both remain wanted in connection with the embezzlement case, and police are investigating if their property acquisitions involved illicit funds.

Additionally, a lie detector test has been authorized for Hitesh Mehta, the ex-general manager and accounts head, who isn't cooperating. The EOW is also probing why the RBI's inspection team visited in February 2025. The bank's cash reserves showed significant changes between 2019 and 2022, raising questions. Currently, four individuals have been arrested while four others are at large.

(With inputs from agencies.)