The Enforcement Directorate (ED) has provisionally attached 33 properties valued at nearly Rs 16.95 crore belonging to Hiren Ranjit Bhanu, his wife Gauri Hiren Bhanu, and other family members under the Prevention of Money Laundering Act (PMLA), 2002. These assets include fixed deposits, bank balances, residential flats, commercial offices, and agricultural land. The investigation stemmed from an FIR by the Economic Offences Wing (EOW) of Mumbai Police regarding embezzlement of around Rs 122 crore from the New India Co-operative Bank Limited (NICBL).
Hitesh Pravinchandra Mehta, the former General Manager and Head of Accounts at the bank, was found to have played a central role in siphoning off funds by manipulating accounting systems and creating false records of cash transfers. It was revealed that Hiren Ranjit Bhanu, the former Chairman and Vice-Chairman of the bank, controlled the bank’s operations directly and indirectly through associates and family members. Gauri Hiren Bhanu, the Acting Chairman and Vice-Chairman, was also identified as a key beneficiary of the proceeds of crime.
The ED stated that the couple allegedly received crime proceeds amounting to at least Rs 26 crore. Investigation uncovered that Hiren Ranjit Bhanu, in collusion with certain bank borrowers, acquired companies abroad without payment. Funds were routed into foreign entities’ accounts through Indian borrowers who had received loans from NICBL. The Mumbai Police’s EOW has filed charge sheets in the case, with non-bailable warrants issued against Hiren Ranjit Bhanu and his wife, who are currently abroad and not cooperating with authorities.
Further investigations are ongoing to trace diverted funds and identify all individuals and entities involved in the fraud that impacted the bank and its depositors. This attachment follows earlier ED actions, including searches and seizures in the case, reflecting the crackdown on financial frauds in cooperative banks and money laundering through intricate domestic and international channels.
