Court Issues Non-Bailable Warrant Against Former Bank Chairman Hiren Bhanu in Rs.122 Crore Fraud Case
A local court has issued a non-bailable warrant (NBW) against Hiren Bhanu, the former chairman of New India Cooperative Bank, and his wife, Gauri Bhanu. The couple reportedly left India just before authorities uncovered a massive ₹122 crore embezzlement case involving the bank. Officials confirmed the development on Wednesday.
Investigation and Arrests So Far
The Economic Offences Wing (EOW) of the Mumbai Police is leading the investigation. So far, seven people have been arrested in connection with the fraud, an official stated.
Hiren Bhanu, who previously served as the bank’s chairman, and his wife, who held the position of vice-chairman, are considered key accused in the case. However, they left India on January 26 and February 10, respectively, making it difficult for the police to track them down.
Since their presence is crucial for the investigation, authorities had earlier issued a Blue Corner Notice—a global alert to locate them. However, as the couple remained untraceable, the EOW requested the court to issue a non-bailable warrant. The court has now approved this request, taking the investigation a step forward.
Police Search and Latest Developments
Investigators searched multiple locations linked to the Bhanu couple, including their residential and rented properties in South Mumbai, but found no trace of them.
Meanwhile, another suspect, Unnathan Arunachalam, was hiding in Bihar before police tracked him down and arrested him.
Authorities revealed that ₹122 crore had been illegally siphoned from the Prabhadevi and Goregaon branches of New India Cooperative Bank in Mumbai. The first major arrest in the case was Hitesh Mehta, the bank’s former General Manager and Head of Accounts, who was taken into custody on February 15. Following his arrest, six more suspects were nabbed.
Polygraph Test Raises More Questions
Last week, Mumbai Police conducted a polygraph (lie detector) test on Hitesh Mehta to verify his statements. According to sources within the EOW, the test results suggest possible deception, raising suspicions that more people may be involved in the fraud.
Authorities are now digging deeper into financial transactions linked to the scam and suspect that more arrests could follow as the investigation unfolds.
What Happens Next?
With the non-bailable warrant now issued, law enforcement agencies will intensify their search for Hiren Bhanu and Gauri Bhanu. Investigators are also working with international agencies to track their whereabouts. If they are found in another country, India could initiate extradition proceedings to bring them back.
The case highlights major concerns about banking frauds and the importance of strict financial monitoring to prevent such large-scale scams. Authorities are urging people to stay informed and cautious while dealing with banking institutions.
