Massive Bank Scam Unveiled: The Unfolding Saga of New India Co-Operative

The Economic Offences Wing of Mumbai Police has filed a comprehensive chargesheet in the Rs 122-crore New India Co-Operative Bank scam, involving former chairman Hiten Bhanu and his wife as key offenders. The duo, among other implicated individuals, is on the run, sparking a high-profile investigation.

The Mumbai Police's Economic Offences Wing has taken a significant step in the Rs 122-crore New India Co-Operative Bank scam by filing a chargesheet in court. This document, spanning over 12,600 pages, lists the bank's former chairman Hiten Bhanu and his wife, Gauri, as proclaimed offenders.

The couple has reportedly fled India, evading authorities who attempted to locate them for several days. Hiten and Gauri Bhanu have been charged under section 335 of the Bharatiya Nagarik Suraksha Sanhita, which allows for the recording of evidence in the accused's absence. Meanwhile, the EOW has already arrested eight individuals, including former bank officials and private partners.

The accused also encompass three internal auditors responsible for overlooking the fraud, along with others not yet apprehended. As part of the investigation, assets worth Rs 167 crore have been seized as crime proceeds, while Rs 122 crore was embezzled from the bank's Mumbai offices.

(With inputs from agencies.)