Accused Rajiv Ranjan Pandey arrested from Bokaro Jharkhand and today the accused was presented in Esplanade Court Mumbai by EOW | FPJ/ Vijay Gohil
In a significant development in the New India Cooperative Bank ₹122 crore scam, the Economic Offences Wing (EOW) of the Mumbai Police has extracted crucial information from Rajiv Ranjan Pandey, who was arrested from Bokaro, Jharkhand. During interrogation, Pandey admitted to investing ₹15 crore, which he received from the main accused, Hitesh Mehta and Unnathan Arunachalam, into companies using Corporate Social Responsibility (CSR) funds. According to EOW sources, the investments were made in multiple companies with available CSR funds, promising 50% higher returns. The additional profits were allegedly funneled back to Mehta and Arunachalam.
Pandey revealed during questioning that he was fully aware of the scam and actively participated in the criminal conspiracy. EOW officials stated that Pandey and his three associates traveled to Mumbai to meet Mehta and Arunachalam. During the meeting, Pandey offered them lucrative returns on investments. Mehta then secretly withdrew ₹15 crore from the bank and handed it over to Arunachalam, who later gave the amount to Pandey at his office.
Investigators disclosed that Pandey runs a hotel business in Bokaro, and his name surfaced during Arunachalam’s interrogation. Following this lead, a special EOW team was sent to Jharkhand. However, when the police attempted to arrest him, Pandey raised an alarm and sought support from local residents to evade arrest. His brother, Nandkumar Tripathi, eventually brought him to the Bokaro Steel Police Station, where Pandey confessed to his role in the scam. He admitted to receiving ₹15 crore from Arunachalam and disclosed that he earned a commission on the profits from the investments.
On Sunday, Pandey was produced before the holiday court. During the hearing, the EOW informed the court that they needed to trace the ₹15 crore investments, identify the companies involved, and determine the profits generated. The police also sought to question Pandey about his three associates, who accompanied him to Mumbai and are currently absconding. The EOW requested seven days of police custody, but the court granted five days of remand, extending Pandey’s custody until March 28. The investigation is ongoing as the EOW attempts to uncover the full extent of the money trail and identify other suspects involved in the scam.
