Mumbai: The Economic Offences Wing (EOW) of Mumbai Police continues to uncover new details in the ₹122 crore fraud involving New India Cooperative Bank. Investigators have revealed that accused Manohar Arunachalam, along with absconding suspect Ulhanath Arunachalam and their associates, laundered ₹40 crore from the embezzled funds before handing over a portion to the prime accused, Hitesh Mehta, for purchasing a flat in the Godrej Reserve project. However, the exact amount given to Mehta remains under investigation.
EOW sources have also discovered that absconding accused Kapil Dedhia and Hitesh Mehta received deposits worth several crores from unidentified bank accounts. The agency is currently tracing the origins of these transactions and identifying the account holders involved.
According to EOW findings, after obtaining ₹40 crore from Mehta, Manohar Arunachalam used his associates to deposit the amount into his company’s bank account, Magas Consultancy. These funds were subsequently transferred to the prime accused and other individuals. Investigators also found that ₹5.4 lakh was paid from Magas Consultancy’s bank account to accused Kapil Dedhia.
However, during questioning, Arunachalam has remained evasive, refusing to disclose the distribution of the ₹40 crore received from Mehta. Investigators suspect a significant portion of the embezzled funds was diverted to a trust, but Arunachalam has yet to reveal its name.
On Tuesday, the EOW produced Manohar Arunachalam and former CEO Abhimanyu Bhon before the Fort Court. The prosecution sought 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. The EOW continues its probe into the laundering network, working to trace missing funds and identify additional beneficiaries in the scam.
Investigations have further uncovered that Gauri Bhanu traveled to Thailand on February 10, just two days before the inspection, while Hiren Bhanu had already left for a Gulf nation on January 26. Additionally, findings indicate that Hiren Bhanu has renounced his Indian citizenship and is now a British national (NRI). A senior EOW officer stated that the process of issuing a Blue Corner Notice against wanted accused Hiren Bhanu and Gauri Bhanu is currently underway.
