Mumbai: In a significant development, the Economic Offences Wing (EOW) of the Mumbai Police has registered a second FIR in the New India Co-operative Bank scam, this time at Dadar Police Station. The case involves a massive ₹24.93 crore loan waiver fraud, with former Late MLA Ranjit Bhanu, his son and former bank chairman Hiren Bhanu, and 10 others being booked under serious charges.
Fraudulent OTS to Benefit Percept Group: The FIR, registered under IPC Sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant), 418 (cheating with knowledge), and 120B (criminal conspiracy), reveals that between 2014 and 2023, the accused granted loans worth ₹77 crore to Percept Sports and Entertainment , headquartered in Lower Parel, without proper due diligence.
Later, the One-Time Settlement (OTS) terms were manipulated to waive ₹18.56 crore from the principal and interest. The changes were allegedly made in violation of the bank’s policies, causing undue financial losses.
Funds Illegally Transferred to London-based Company: Investigations show that ₹6.37 crore was illegally transferred from the New India Co-operative Bank account to Hermis Sports & Entertainment Ltd, a London-based company from Percept Group.
This was allegedly done by Percept Group as a “kickback” for favorable loan processing. These transfers were made through Portica Multitrade Pvt Ltd, a subsidiary of Percept Group. Incriminating documents bearing the signature of then CEO Abhimanyu Bhoan were recovered during a search at his residence.
The following individuals and entities have been named in the FIR:
Hiren Ranjit Bhanu, Former Chairman of New India Bank
Gauri Hiren Bhanu, Former Vice-Chairperson
Satish Chander, Retired IAS Officer
Damyanti Salunkhe – MD, New India Co-operative Bank
Harinder Pal Singh, Manoj Kumar Patra, and Suket Kumar Patel – Directors of Percept Group
Abhimanyu Bhon – Former CEO of New India Co-operative Bank
Directors of Hermis Group and Portica Multitrade Pvt Ltd
Late Ranjit Bhanu – Former MLA and ex-Chairman (named posthumously for his role before death)
EOW Investigation Findings
Preliminary inquiries indicate that Loans were sanctioned without due diligence on multiple occasions. Kickbacks worth ₹6.37 crore were received by Hiren Bhanu, Patel, and Bhon through business dealings with Percept Group.
After the loans turned NPA, a fraudulent settlement waived ₹18.56 crore. The total wrongful loss to the bank amounts to ₹24.93 crore. Based on the findings, a formal complaint was filed by the investigating officer, and a criminal case has been initiated.
