In a major crackdown, the Directorate of Enforcement (ED) has provisionally attached assets worth Rs 16.95 crore in connection with an alleged bank fraud case involving Hiren Ranjit Bhanu and his family members.
The action has been carried out under the provisions of the Prevention of Money Laundering Act, 2002.
The attached assets include fixed deposits, bank balances, residential flats, commercial offices, and agricultural land. The ED initiated its probe based on an FIR registered by the Economic Offences Wing Mumbai Police into the alleged embezzlement of nearly Rs 122 crore from New India Co-operative Bank Limited.
Investigations revealed that former General Manager and Head of Accounts, Hitesh Pravinchandra Mehta, played a key role in siphoning off funds by manipulating accounting systems and creating fake inter-branch entries over a prolonged period.
The ED further alleged that the fraud was orchestrated at the behest of Bhanu, with active involvement of his wife, Gauri Hiren Bhanu. The accused are currently abroad, and non-bailable warrants have been issued. Further investigation is ongoing
