Bank Fraud - Business Outrank

The Economic Offences Wing of Mumbai Police is gradually unveiling new details of the ₹122 crore New India Cooperative Bank fraud, which reveals that ₹40 crore was first sent and then used to buy a flat in the Godrej Reserve project. According to the investigation, money was funneled through different channels by accused Manohar Arunachalam, his fugitive brother Ulhanath Arunachalam and others, though the amount actually given to the primary accused, Hitesh Mehta, has not been determined yet. In inquiry, EOW sources found that missing accused Kapil Dedhia and Hitesh Mehte had received several crores of worth deposits from unknown accounts thus making it necessary to find the source of such funds. The investigation also established that ₹40 crore was paid into the account of Magas Consultancy, the company owned by Arunachalam, and the money was then sent to other persons charged in the case. A payment of ₹5.4 lakh was also made to Dedhia from the same account. However, during questioning, Arunachalam has not been very helpful and has not been able to explain how the ₹40 crore was spent. For instance, the investigators believe that some of the money may have gone to a trust but the name of the trust is still unknown. On Tuesday, the EOW produced Arunachalam and the former CEO, Abhimanyu Bhon, before the Fort Court and obtained five days’ police custody for Arunachalam while Bhon was remanded to judicial custody. Also, during the investigation, it was revealed that Gauri Bhanu left for Thailand right before the bank was to be inspected while Hiren Bhanu left for a Gulf country and has since dropped India to become a British subject. The EOW has started the process of the Blue Corner Notice on both fugitives as it continues to search for missing funds and other links to the laundering scheme.

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