In a significant development in the ₹122 crore embezzlement case involving the New India Cooperative Bank, a Mumbai court has rejected the bail plea of former CEO Abhimanyu Bhoan. The metropolitan magistrate court at Esplanade Centre cited concerns over potential evidence destruction and the possibility of Bhoan absconding as primary reasons for the denial. The prosecution has alleged that Bhoan played a crucial role in the offence, collaborating with the main accused, Hiren Bhanu and Gauri Bhanu, who are currently absconding. Additionally, Bhoan is accused of destroying his old phone in an attempt to erase evidence .

The Economic Offences Wing (EOW) of the Mumbai Police arrested Bhoan in February 2025, following an investigation that revealed the embezzlement of ₹122 crore from the bank’s cash reserves. The fraud reportedly occurred over several years, with the involvement of multiple individuals, including the former general manager Hitesh Mehta and real estate developer Dharmesh Paun .

The court’s decision underscores the seriousness of the allegations and the ongoing efforts by law enforcement agencies to ensure accountability in the case.

Sources