A special MPID court has rejected the bail plea of former New India Co-operative Bank CEO Abhimanyu Bhoan in a Rs 122-crore fraud case, citing his “active and major role” in a planned conspiracy to siphon public funds.
Judge R.K. Deshpande termed it a grave economic offence threatening financial stability. The case began after an RBI audit found a Rs 112-crore vault shortfall.
The court said Bhoan, charged under serious BNS sections, misused his position and could influence witnesses if released.