In the latest developments concerning the New India Cooperative Bank fraud case, a Mumbai magistrate’s court has denied bail to Javed Aazam, the younger brother of BJP’s former Maharashtra secretary Hyder Azam. Javed was arrested by the Economic Offences Wing (EOW) for his alleged involvement in the misappropriation of ₹122 crore from the bank. The court cited concerns over the substantial amount of money involved, the roles of multiple accused individuals, and the risk of absconding or tampering with evidence as reasons for rejecting his bail plea .

This case has garnered significant attention due to the scale of the alleged embezzlement and the involvement of several key individuals. The EOW has arrested multiple persons, including former General Manager Hitesh Mehta, who is accused of siphoning off ₹122 crore from the bank’s safes between 2020 and 2025. The investigation revealed that the funds were misappropriated from the bank’s Prabhadevi and Goregaon branches .

The former chairman of the bank, Hiren Bhanu, and his wife, Gauri Bhanu, have been declared proclaimed offenders after fleeing the country before the scam came to light. A Blue Corner Notice has been issued against them, and the EOW continues efforts to locate and apprehend them .

The EOW has also initiated the process of attaching 21 immovable properties worth approximately ₹168 crore belonging to five key accused in the case. Additionally, the Enforcement Directorate (ED) is conducting a preliminary enquiry into allegations of non-performing assets (NPAs) worth over ₹400 crore .

As the investigation progresses, authorities are focusing on recovering the misappropriated funds and holding all responsible parties accountable.

Sources