Archive · 19 Jun 2025
New Case Filed Against Bank Officials in Rs 24.93 Crore Loan Fraud
The Mumbai Police's Economic Offences Wing (EOW) is investigating a new case involving the New India Cooperative Bank.
Former chairman Hiren Bhanu and others are accused of causing a loss of nearly 25 crore rupees.
The bank reportedly gave large loans without proper checks, and some of the money was allegedly used for kickbacks.
The loan accounts were later declared as bad debts, and a significant amount was written off, causing further financial damage.
EOW registered a fresh case against ex-chairman and others of New India Cooperative Bank.
The case alleges a Rs 24.93 crore loss due to fraudulent practices.
A loan of Rs 77 crore was sanctioned to private companies without proper due diligence.
Accused allegedly transferred Rs 6.37 crore from the loan as kickbacks.
The loan account was declared as NPA, with Rs 18.56 crore waived off.
- Who
- Former chairman Hiren Bhanu and 12 others are named in the case.
- What
- A fresh case has been registered against ex-officials of New India Cooperative Bank for loan fraud.
- When
- The case was registered on Wednesday.
- Where
- Mumbai, Maharashtra.
- Why
- Due to alleged fraudulent practices, including the sanctioning of loans without due diligence, leading to a loss of Rs 24.93 crore.
- Bank
- New India Cooperative Bank
- Amount of Loss
- Rs 24.93 crore
- Loan Amount
- Rs 77 crore
- Key Individuals
- Hiren Bhanu, Gauri Bhanu, Satish Chander, Damyanti Salunkhe, Abhimanyu Bhoan
- Alleged Actions
- Loan fraud, kickbacks, waiving off loans
