Hiren Bhanu and Gauri Bhanu, who are considered the masterminds behind the scam |
Former chairperson and vice-chairperson of New India Co-Operative Bank, Hiren Bhanu and his wife, Gauri Bhanu, have written to the Mumbai Police claiming that they had no knowledge of the internal irregularities in the bank.
The couple, who are wanted in the New India Cooperative Bank fraud case, wrote to the Mumbai Police through their lawyer, Sajal Yadav, on Wednesday. In their letter, they claimed that they had always made efforts to revive the bank.
The letter stated that the bank was founded in 1968 with the support of trade union leader and former Union Defence Minister, George Fernandes, along with Hiren’s late father, Ranjit Bhanu. Hiren claimed that he was appointed as the vice-chairman of the bank from 2016 to 2021, until his resignation due to ill health and work commitments overseas.
The incumbent Board of Directors was elected in October 2021, where Gauri, Hiren’s wife, was elected as the vice-chairperson of the bank, and Satish Chander (a former IAS officer and former Registrar of Co-Operatives) was appointed chairman. They claimed that Gauri became chairperson only in January this year.
The couple emphasized their strong connection with the bank, owing to Hiren’s father’s legacy. They stated, “We believed in our organization and wanted to demonstrate to the public that we are also well-invested in the bank. Even today, we, as a family, hold approximately ₹4.5 crores worth of shares in the bank and are the largest shareholders. My wife personally holds fixed deposits worth ₹1.5 crores with the bank.”
They further claimed that on the day the Reserve Bank of India (RBI) raided the bank, Hiren was in touch with Hitesh Mehta, as he feared Mehta might commit suicide. During the telephonic conversation, Mehta allegedly revealed to Hiren that he had been stealing money for the past five years and had given it to some of his friends. Mehta reportedly said, “I have given ₹70 crores to a builder named Dharmesh Paun, who is working on a slum rehabilitation scheme in Dahisar that would generate ₹700 crores. I also gave ₹40 crores to someone named Arunbhai, whose details I did not divulge. Additionally, I gave money to five other people, whom I did not name. The bank will not be at a loss, and the full amount will be paid by June, as Paun’s project has already been approved, and construction has started,” the letter read.
The couple asserted, “My family had no knowledge of any internal irregularities that may have led to this shocking incident, nor were we involved in any such activities. My family has never drawn nor attempted to draw any undue benefit from the bank but has repeatedly invested our personal funds into the bank for its revival.”
They added, “The actions of Hitesh Mehta have resulted in a great loss to my family, amounting to approximately ₹7 crores in shares and fixed deposits at New India Co-operative Bank. My family has been forced to vacate our rented residence at Nepean Sea Road, and due to these financial losses, all of our accounts are frozen, leaving us with no means to afford alternative accommodation in India. Additionally, the flat inherited by my wife has been rented out, leaving us with no stable home. With all our bank accounts frozen, my family is facing significant financial hardship,” the couple pleaded in their letter.
