Mumbai: The Economic Offences Wing (EOW) of Mumbai Police has uncovered shocking details in its probe into the ₹122 crore scam at New India Cooperative Bank. Investigators have found that Hitesh Mehta, the bank’s General Manager and prime accused, meticulously planned the fraud and executed it through a well-structured strategy.

Fraudulent Money Laundering Through Trust Accounts

Mehta allegedly withdrew ₹122 crore from the bank in a phased manner to avoid detection. To convert this black money into white, he deposited it into the accounts of two unidentified trusts. After laundering the funds, he withdrew the money and paid hefty commissions to individuals associated with these trusts.

During interrogation, Mehta admitted to the scheme but refused to reveal the names of the trusts. With this new information, the EOW has intensified its investigation to trace these trusts, which are now under its radar.

Hawala Transactions and Foreign Transfers

Investigators suspect that a portion of the ₹122 crore was transferred abroad through hawala operators. Authorities are tracking the exact amount and destination of these transactions. The EOW is also trying to identify the hawala operator who facilitated these illegal transfers.

Role of Former CEO and Other Accused

The EOW has found that both Hitesh Mehta and former CEO Abhimanyu Bhoan were aware of the scam but are not cooperating with the investigation. Investigators plan to conduct a face-to-face interrogation of Mehta and Bhoan soon.

The probe also revealed that the bank’s cash withdrawal limit was increased from ₹10 crore to ₹20 crore in 2016. By March 2019, ₹33 crore in cash was held at the bank’s headquarters, rising to ₹99 crore by March 2020— a move that allegedly enabled the embezzlement.

Another accused, Dharmesh Poun, allegedly received ₹12 crore through bank employees and officials appointed by Mehta. The EOW is also interrogating CA Abhijit Deshmukh for his possible involvement in financial mismanagement.

The investigation is ongoing, with EOW officials working to trace the missing funds and identify all those involved in the massive scam.