New India Co-op Bank Scam: Investigation Reveals Major Financial Transfers

In a major development in the ₹122 crore fraud case involving New India Co-operative Bank, investigations have revealed that the prime accused and the bank’s General Manager, Hitesh Mehta, transferred ₹33 crore to Manohar Unnathan, who is already in custody. Further inquiries have also indicated that Manohar, along with his father Unnathan Arunachalam alias Arunbhai and other accused, had provided financial assistance to Hitesh Mehta for purchasing a flat.

Following these revelations, Manohar’s police custody has been extended till March 9, while the bank’s former Chief Executive Officer (CEO), Abhimanyu Bhoan, has been remanded to judicial custody.

The Economic Offences Wing (EOW) has unearthed multiple financial transactions between Hitesh Mehta and Manohar Unnathan. Investigators found that ₹20 lakh was transferred to Mehta through Manohar. There are also suspicions that funds were routed through a trust to facilitate these transactions. However, the police have not yet received details of any trust accounts linked to Manohar.

It is suspected that the father-son duo had siphoned off a total of ₹40 crore, out of which ₹7 crore was handed over to Mehta. The remaining ₹33 crore is believed to have been diverted through various undisclosed channels. Further investigations have revealed that Manohar had transferred significant amounts to some of his associates, including Kapil Dedhiya, who received ₹5.4 lakh through Manohar’s company.

In 2019, Hitesh Mehta had allegedly transferred ₹15 crore to Manohar, followed by an additional ₹18 crore, which was received at his office. Further scrutiny has indicated that some of these funds were also used for purchasing Mehta’s residence.

Four Arrested, Lookout Notice Issued for More Accused

So far, four individuals have been arrested in connection with the scam. These include Hitesh Mehta, the bank’s General Manager; Dharmesh Poon, a construction businessman; Abhimanyu Bhoan, the former CEO of the bank; and Manohar Unnathan. Among them, Bhoan has been sent to judicial custody, while Manohar will remain in police custody until March 9.

Additionally, a lookout notice has been issued against four more accused, including Hiren Bhanu, Gauri Bhanu, Unnathan Arunachalam, and another unidentified individual. The Bhanu couple is suspected to have received ₹28 crore from the scam and is believed to have fled abroad.

Meanwhile, the Economic Offences Wing has begun investigating Hitesh Mehta’s assets and is expected to initiate legal action to recover the funds. Authorities are continuing their probe, closely scrutinizing additional suspicious financial transactions linked to the accused.