Mumbai: In a significant development in the ₹122 crore scam at New India Cooperative Bank, the Economic Offences Wing (EOW) of the Mumbai Police has uncovered that the prime accused, former General Manager Hitesh Mehta, handed over ₹10 crore of the embezzled funds to civil contractor Kapil Dedhia.
According to sources, the EOW has now named Dedhia as an accused and issued a Lookout Circular (LOC) against him. Investigators have also interrogated six bank directors, though acting Vice Chairperson Gauri Bhanu failed to appear for questioning.
Money Laundering Angle: Mehta and Dedhia’s Connection
EOW sources revealed that Mehta and Dedhia were well-acquainted, residing in the same building in Dahisar. The investigation suggests that Mehta entrusted Dedhia with ₹10 crore for laundering in exchange for a substantial commission. Dedhia allegedly converted the black money into white, took his commission, and returned the remaining amount to Mehta. However, the EOW is still probing how much of the laundered money was actually returned.
Following this lead, Dedhia has been named as an accused in the case, and a Lookout Circular has been issued against him.
Bank Directors Questioned, Acting Vice Chairperson Skips Summons
Meanwhile, the EOW has questioned six bank directors, including:
Frederick G. D’sa (Taxi Union President)
Kurush Pesi Pagdiwala (Doctor)
Milan Anil Kothari
Shiv Satish Kathuria
Viren Pravinbhai Barot
Vineet A. Upadhyay
Sources indicate that these directors denied involvement in major bank decisions. They also alleged that complete audit reports were not presented during board meetings and that acting Vice Chairperson Gauri Bhanu was responsible for key financial decisions.
EOW had summoned Gauri Bhanu for questioning, but she failed to appear. Investigators have also issued multiple summonses to both Gauri Bhanu and Hiren Bhanu, but they remain untraceable. Sources suggest that Hiren is currently in Abu Dhabi, while Gauri is in Thailand.
Hitesh Mehta’s Lie Detector Test Soon
The EOW has written to the Forensic Science Laboratory (FSL) to schedule a lie detector test for Hitesh Mehta. The court has already granted permission for the test, which is expected to take place this week. Officials believe the test could lead to crucial revelations in the case.
EOW Seeks Information from RBI on Bank Audits
The EOW has also reached out to the Reserve Bank of India (RBI) for details regarding audits conducted between 2019 and 2024. Investigators have specifically requested information on the RBI officers responsible for overseeing these audits. Since the Additional Director of the RBI supervises such audits, the EOW may soon record statements from relevant RBI officials.
Lookout Circulars Issued for Four Accused
So far, the EOW has issued Lookout Circulars against the following individuals:
Arunbhai
Kapil Dedhia
Hiren Bhanu
Gauri Bhanu
Additionally, six auditors involved in the bank’s financial review have been re-summoned for further questioning.
EOW to Seize Hitesh Mehta’s Assets
As part of the ongoing investigation, the EOW is working to identify and seize assets belonging to Hitesh Mehta. Officials are currently mapping out his properties before initiating the legal seizure process.
