India Cooperative Bank - 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.

What's Hot

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Stock Market Slips as IT Stocks Drag Down Airtel and Reliance Gains

Trade War Intensifies as Canada Imposes 25% Tariffs on $30 Billion in US Imports

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: India Cooperative Bank

New India Cooperative Bank Fraud: EOW Tracks ₹40 Crore Laundered, Traces Missing Funds

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Stock Market Slips as IT Stocks Drag Down Airtel and Reliance Gains

Trade War Intensifies as Canada Imposes 25% Tariffs on $30 Billion in US Imports

Maganomics: Trump’s Risky Economic Strategy Could End in Crisis

Our Picks

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Stock Market Slips as IT Stocks Drag Down Airtel and Reliance Gains

Trade War Intensifies as Canada Imposes 25% Tariffs on $30 Billion in US Imports

Most Popular

Madhya Pradesh’s Education Paradox? More Money, Fewer Students

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: India Cooperative Bank