Former New India bank CEO held over ₹122-crore fraud

MUMBAI: The Economic Offences Wing (EOW) of Mumbai Police has arrested former chief executive officer (CEO) of New India Cooperative Bank, Abhimanyu Bhoan, in connection with the alleged siphoning of ₹122 crore from the bank’s safes between 2020 and 2024. Bhoan was aware of Hitesh Mehta, former general manager (accounts) of the bank and the main accused in the case, removing cash from the bank’s Prabhadevi and Goregaon branches and likely received kickbacks, but was evasive during questioning prior to his arrest, said police.

Abhimanyu Bhoan till he was eventually removed as CEO on February 6, barely a week before the fraud came to light, said sources

“We have information that he had complete knowledge of the fraud, but he is not telling us anything,” said a police officer familiar with the probe.