Mumbai: The Economic Offences Wing (EOW) of Mumbai Police is set to conduct a lie detector test on Hitesh Mehta, the main accused and former General Manager of New India Bank, in connection with the ₹122 crore scam. According to senior EOW officials, the forensic department has scheduled Mehta’s polygraph test for March 11. The test is expected to uncover crucial evidence and aid the ongoing investigation.

Mehta, who is currently in judicial custody, will be taken to the forensic lab by EOW officials, where he will be questioned about key aspects of the financial fraud. The test will be conducted following court-approved procedures, with the results expected on March 12.

During questioning, Mehta reportedly named former Chairman Hiren Bhanu and acting Vice Chairman Gauri Bhanu as the masterminds behind the scam. He allegedly confessed to withdrawing large sums from the bank and distributing the funds to various individuals under Bhanu’s instructions.

EOW suspects the Bhanu couple received hefty commissions in return and is actively investigating these claims. In a recent development, EOW conducted search operations at two properties linked to the Bhanus, including a rented apartment in Malabar Hill and another leased property on Nepeansea Road. Several important documents were seized during the raids.

Authorities are now identifying other assets owned by the Bhanu couple, with plans to seize them under interim orders as part of the investigation.

Former CEO Admits to Accepting ₹1 Crore Bribe

EOW sources revealed that former New India Bank CEO Abhimanyu Bhon has admitted to accepting a ₹1 crore bribe from Hitesh Mehta. Bhon confessed that he was fully aware of the irregularities in the bank but chose to stay silent in exchange for the money. However, he has not disclosed where the funds were spent.

RBI Under Scrutiny for Alleged Negligence in Audits

The Reserve Bank of India (RBI) is also facing scrutiny over potential lapses in oversight. EOW’s interrogation of bank auditors has raised serious concerns regarding RBI’s failure to detect financial irregularities.

In March 2019, the bank's cash-in-book was recorded at ₹33.71 crore. By March 2020, this amount had inexplicably surged to ₹99 crore, raising red flags. The following years saw further unexplained increases:

EOW officials are questioning why RBI failed to conduct a physical inspection despite the bank’s cash vault capacity being limited to just ₹10 crore.

Another key concern is why RBI’s inspection was conducted on February 12, even though the Bhanu couple had already fled the country—Hiren Bhanu on January 26 and Gauri Bhanu on February 10. The delayed inspection has raised doubts about potential lapses in regulatory oversight.

Bank Cashier and Accountant Under Investigation

EOW has also placed the bank’s cashier and accountant under the scanner, as they were responsible for making cash book entries. Officials are expected to interrogate them soon to determine whether they were complicit in the scam. Additionally, auditors are being questioned for failing to flag massive discrepancies in the bank’s financial records.