Mumbai Embezzlement: Hunt for Fugitive Bank Chairman and Surprising Asset Seizures

A Mumbai court has declared Hiren Bhanu, ex-chairman of New India Cooperative Bank, and wife Gauri as proclaimed offenders for a Rs 122 crore embezzlement case. Following their escape, police are attaching assets worth Rs 167.85 crore, marking the first post-new law asset seizure in Mumbai.

The Mumbai judiciary has officially declared Hiren Bhanu, the former chairman of New India Cooperative Bank, and his wife Gauri as proclaimed offenders. The charges stem from their alleged involvement in a Rs 122 crore embezzlement, according to police reports issued on Thursday.

The couple's escape from the country days before the fraud's exposure has led to significant judicial action, as the court has authorized the attachment of assets worth approximately Rs 167.85 crore. These assets include a Rs 150-crore Slum Rehabilitation Project, marking the inaugural use of new criminal laws regarding asset seizures within Mumbai.

The Economic Offences Wing (EOW) is actively probing the case, having detained eight individuals so far, including former bank executives Hitesh Mehta and Abhimanyu Bhoan. Ongoing investigations involve forensic audits and inquiries into loan activity with Omkara Assets Reconstruction Company, revealing discrepancies in the recovery amounts.

(With inputs from agencies.)