The metropolitan magistrate court, Esplanade Centre, has rejected the bail plea of Abhimanyu Bhoan, the ex-CEO of New India cooperative bank arrested in case of Rs122 crore fraud at the institution. Noting that he destroyed his phone apparently to destruct evidence, the courtobserved that if released on bail, Bhoan may abscond and tamper with proofs
Seeking bail, he pleaded that he was falsely implicated merely on the statement of co-accused Hitesh Mehta. Since December 2019, neither the auditors nor the senior officials of the Reserve Bank of India (RBI), who were appointed way back in 2023, raised red flags regarding the cash balance, asserted Bhoan. He added that he didn’t look after the day-to-day affairs and also was not responsible for cash. Bhoan further argued that his annual salary was Rs60 lakh, and in such a case, why would he risk his and his family’s lives for Rs1 crore.
Opposing his plea, the prosecution alleged that Mehta had given Rs1 crore to Bhoan. It further claimed that the latter visited the HDFC Bank, where he held a locker, on February 12 when the RBI raided the bank offices at Goregaon and Prabhadevi. The purpose behind Bhoan’s visit was to quickly remove all the papers related to his properties, which suspectedly exceed his income, from the locker, said the prosecution.
It contended that Bhoan and Mehta were well-aware that the cash retention limit was hiked from Rs10 crore to Rs20 crore with the intent to defraud the bank. Bhoan destroyed his old phone to eliminate crucial evidence, underlined the prosecution.
The court observed, “Though no amount has yet been recovered from the accused, it is alleged that he destroyed the previous phone to destroy evidence against him and the fugitive main accused.” The conduct is sufficient to hold that he is involved in the offence and the investigation is yet to be concluded, it added.
