Mumbai: Mumbai Police’s Economic Offences Wing (EOW) has made significant progress in its investigation into the ₹122 crore scam at New India Bank. The probe has revealed that the prime accused, former General Manager Hitesh Mehta, had given ₹40 crore from the embezzled funds to Manohar Arunanchalam Marutuwar (33), son of fugitive accused Ulhanathan Arunanchalam alias Arunbhai.
Manohar was arrested by the EOW on Thursday night. He received ₹40 crore from Hitesh Mehta in three transactions—₹15 crore in July 2019, ₹18 crore in August 2019, and ₹7 crore in subsequent payments. To launder the black money, Manohar deposited it into his firm, Magas Consultancy, routing it through his Samata Cooperative Bank account before returning it to Mehta.
The EOW believes that Manohar not only benefitted from the fraud but also helped his father escape after the case was registered. Investigators are currently questioning Manohar to track the flow of the ₹40 crore.
After the RBI uncovered the scam, former CEO Abhimanyu Bhoan and wanted accused Hiren Bhanu and Gauri Bhanu remained in constant contact. When the EOW registered the case, Bhoan destroyed his mobile phone to erase evidence. Bhoan’s seized laptop contained crucial documents, including Hiren Bhanu’s passport, RBI notices, and financial records. The EOW found that Hiren and Gauri Bhanu received ₹28 crore from the embezzled funds.
The EOW is now investigating: Who gave them the money—Mehta or Bhoan himself? Where are Hiren and Gauri Bhanu hiding?
Hiren Bhanu was the New India Bank Chairman until December 2019, while his wife, Gauri Bhanu, held the position from December 2022 to February 2025. Hiren Bhanu is the son of ex-MLA Ranjit Bhanu.
After the scam was exposed, the RBI dismissed Gauri Bhanu from her post. The EOW has located Hiren in Dubai and Gauri in Thailand, and lookout circulars have been issued against them. Hiren lived in London for years and is now an NRI, while Gauri remains an Indian citizen.
Their sons, Kunal and Karan, who ran a juice business, have fled India, and their whereabouts are under investigation.
Shocking information has revealed that Abhimanyu Bhoan had no formal education in banking, yet he was appointed CEO of New India Bank from 2019 to 2024.
The RBI twice rejected proposals from the bank’s board to extend his tenure, raising suspicions that Hiren and Gauri Bhanu appointed him to facilitate fraud. The RBI had warned the bank’s CEO and board about irregularities, but no action was taken.
Manohar and Bhoan were produced in court on Friday. The EOW informed the court that the embezzled ₹122 crore was distributed across multiple accounts. Several accused are still absconding, and Manohar and Bhoan have crucial information about them.
The EOW sought seven days of police custody, but the court granted custody until March 4.
Fugitive Arunbhai’s Poster Released; Reward Announced
On Friday, the EOW issued a wanted poster for Ulhanathan Arunanchalam alias Arunbhai, who has been missing since the scam was exposed. The poster states that Arunbhai is accused of taking ₹40 crore from the scam and urges people to share any information about him.
A reward has been announced for those providing leads, and their identity will be kept confidential. The EOW continues its investigation to trace the remaining accused and recover the embezzled funds.