Mumbai: In a significant development in the ₹122 crore scam at New India Cooperative Bank, the Economic Offences Wing (EOW) has revealed that Rajeev Ranjan Pandey, alias Pawan Gupta, who was arrested from Bokaro, Jharkhand, was a key conspirator in the entire fraud. The EOW’s investigation has found that the main accused, Hitesh Mehta, and his accomplice, Ulhanath Arunachalam, held multiple secret meetings with Pandey in Mumbai between 2020 and 2025. During these meetings, they conspired to embezzle cash from the bank and devised plans to siphon the stolen money.
The EOW investigation further revealed that Kapil Dedhia and Javed Azam, also accused in the case, participated in these conspiracy meetings along with Mehta, Arunachalam, and Pandey. According to senior EOW officials, Pandey confessed during interrogation that the plan to embezzle crores from the bank and launder the money was hatched in these meetings. However, Pandey was unable to recall the exact number of meetings or their locations, giving evasive responses. EOW sources indicated that they plan to confront all the accused together to uncover the full extent of the conspiracy.
The investigation also revealed that local contacts in Maharashtra introduced Pandey to Mehta and Arunachalam. These individuals, who conducted religious ceremonies at Mehta’s residence, initially facilitated their introduction. At first, they asked Pandey for details about his companies and bank accounts, but when he refused, they became suspicious and distanced themselves before the scam materialized. Subsequently, Mehta and Arunachalam directly contacted Pandey and invited him to Mumbai for meetings to finalize their embezzlement plan. Following these meetings, Pandey received ₹15 crore for investment, which he used in his Chutney Hotel business and other companies.
On Monday, the EOW produced Ulhanath Arunachalam, Kapil Dedhia, and Javed Azam before the court. During the hearing, the EOW argued that all three accused benefited from the embezzled funds but were providing inconsistent responses. Since Pandey admitted to attending conspiracy meetings with them, the EOW requested seven days of further custody for thorough interrogation. Despite opposition from the defense, the court granted police custody for all three accused until March 28.
Narco Test Likely for Hitesh Mehta
According to EOW sources, the main accused, Hitesh Mehta, could undergo a narco test after his brain mapping test on March 28. If conducted, it would be only the second narco test in India, following the one performed on Ajmal Kasab, the 26/11 Mumbai terror attack convict.
RBI Imposes Fine on New India Cooperative Bank
The Reserve Bank of India (RBI) has imposed a fine on New India Bank for violating banking regulations. Though the exact penalty amount has not been disclosed, the RBI’s action follows former chairman Hiren Bhanu’s illegal disbursement of ₹400 crore in loans, which eventually turned into non-performing assets (NPAs). The RBI has appointed an Asset Reconstruction Company to recover the defaulted loans.
