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Hindustan Times
4 days ago
- Business
- Hindustan Times
Court refuses protection from arrest to former CEO of NICB in loan fraud case
MUMBAI: A special court has refused to grant interim protection from arrest to Abhimanyu Bhoan, the former chief executive officer of the New India Cooperative Bank, in the loan fraud case involving the prominent entertainment, media and communications conglomerate, Percept Group. Bhoan is already under judicial custody in connection with the alleged embezzlement of ₹ 122 crore from the cash reserves of the cooperative bank. Mumbai, India - March 9, 2025: Voice of Victim's program organized in Mira Road for the depositors of New India Cooperative Bank, banking expert Vishwas Utgi provided guidance to the attending depositors in Mumbai, India, on Sunday, March 9, 2025. (Photo by Satish Bate/ Hindustan Times) (Hindustan Times) As per the EOW (economic offences wing) of police, the group had allegedly obtained a loan of ₹ 77 crore from the bank, out of which ₹ 18.56 crore was waived by senior bank officials after receiving kickbacks. As per the FIR, the directors of the bank allegedly accepted ₹ 6.37 crore in kickbacks for declaring the loan as a non-performing asset (NPA) and waiving ₹ 18.56 crore on the principal amount as well as on the due interest. Bhoan's advocate submitted that he had no role in waiving the loan since he had twice rejected the proposals made by the company to settle the loan under OTS scheme (one-time settlement). He alleged that the board of directors, who are in higher positions than Bhoan, changed the policy of OTS and waived the loans. The court noted that Bhoan was the CEO of the bank when the fraud was committed. 'Loan transaction of ₹ 49 crore was settled by the applicant and the board of directors of the bank for 34 crore and ₹ 18 crores waived, causing wrongful loss of such amounts to the bank,' observed special sessions judge NG Shukla, in an order passed on June 24. The offence was committed between September 2014 and October 2023 when the loan was sanctioned to Percept Group without due diligence. It is alleged that the EOW found documents in Bhoan's house while investigating the trail of bad loans extended by the bank. As per the EOW, Bhoan, Hiren Bhanu (former chairperson of the bank) along with others fabricated bills in the name of a UK-based shell company and charged those sums, collectively amounting to ₹ 6.37 crore, to Percept. 'Considering the nature of the transaction and relation of applicant with the directors of Percept Group with regard to submitting bills of a sports event, I am of the view that applicant is not entitled for interim relief,' said the court. The EOW had arrested Bhoan in February this year after a surprise audit by the Reserve Bank of India revealed that ₹ 122 crore had been spirited away from the bank's cash reserves. A metropolitan magistrate court had rejected his bail plea in May.
Time of India
4 days ago
- Business
- Time of India
No pre-arrest bail for ex-CEO in city co-op bank scam
Mumbai: A sessions court refused to grant interim relief from arrest to former CEO of the New India Co-operative Bank Ltd, Abhimanyu Bhoan, in the bank scam case. The city's Economic Offences Wing (EOW) had registered a case of cheating and criminal breach of trust against Percept Ltd founder-director Harinder Pal Singh, New India Co-operative Bank former chairman Hiren Bhanu and his wife Gauri, bank's former CEO Abhimayu Bhoan, Ranjit Bhanu (deceased) and five others for allegedly causing a loss of around Rs 25 crore to the bank between 2014 and 2023. This is the second FIR registered against the Bhanus and Bhoan. In Feb, a case was filed against the Bhanus, Bhoan and seven others after RBI officials found Rs 122 crore cash missing from the cooperative bank. According to the fresh FIR, Bhanu and a few bank officials had sanctioned a loan of Rs 77 crore to Percept Group, a media and entertainment firm. Police claimed that Bhanu, who was then also the director of Hermis group of companies, received nearly Rs 6.4 crore from Percept as kickbacks, which was shown as business dealings with the Percept Group using fake invoices. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai It was alleged that while Percept claimed it could not repay the loan, and Bhanu, then the chairman of New India Co-operative Bank, and others granted it a waiver of Rs 18.6 crore. The police said the fraud took place between Sept 3, 2014 and Oct 19, 2023. The FIR was registered at Dadar police station, and the probe was later taken over by EOW. Rejecting the plea for interim relief, the judge said that the allegation in the earlier FIR is to the extent of receiving Rs 1 crore by Bhoan from the Rs 127 crore allegedly siphoned by co-accused Hitesh Mehta. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 月 *만원대 '실비보험' 최적가 비교가입! "月 보험료 낮추고, 보장은 든든하게"... 굿리치 보험대리점 (등록번호:제2006038313호) 가입하기 Undo "... loan transaction of Rs 49 crore was settled by applicant and the office-bearers of Board of Directors of the bank for Rs 34 crore and waived Rs 18 crore causing wrongful loss of such amount to the bank. Considering nature of the transaction and relations of applicant with the directors of Percept Companies…, I am of the view that, applicant is not entitled for interim relief," the judge said.
Time of India
4 days ago
- Business
- Time of India
No pre-arrest bail for ex-CEO in co-op bank scam
Mumbai: A sessions court refused to grant interim relief from arrest to former CEO of the New India Co-operative Bank Ltd, Abhimanyu Bhoan, in the bank scam case. The city's Economic Offences Wing (EOW) had registered a case of cheating and criminal breach of trust against Percept Ltd founder-director Harinder Pal Singh, New India Co-operative Bank former chairman Hiren Bhanu and his wife Gauri, bank's former CEO Abhimayu Bhoan, Ranjit Bhanu (deceased) and five others for allegedly causing a loss of around Rs 25 crore to the bank between 2014 and 2023. Tired of too many ads? go ad free now This is the second FIR registered against the Bhanus and Bhoan. In Feb, a case was filed against the Bhanus, Bhoan and seven others after RBI officials found Rs 122 crore cash missing from the cooperative bank. According to the fresh FIR, Bhanu and a few bank officials had sanctioned a loan of Rs 77 crore to Percept Group, a media and entertainment firm. Police claimed that Bhanu, who was then also the director of Hermis group of companies, received nearly Rs 6.4 crore from Percept as kickbacks, which was shown as business dealings with the Percept Group using fake invoices. It was alleged that while Percept claimed it could not repay the loan, and Bhanu, then the chairman of New India Co-operative Bank, and others granted it a waiver of Rs 18.6 crore. The police said the fraud took place between Sept 3, 2014 and Oct 19, 2023. The FIR was registered at Dadar police station, and the probe was later taken over by EOW. Rejecting the plea for interim relief, the judge said that the allegation in the earlier FIR is to the extent of receiving Rs 1 crore by Bhoan from the Rs 127 crore allegedly siphoned by co-accused Hitesh Mehta. "... loan transaction of Rs 49 crore was settled by applicant and the office-bearers of Board of Directors of the bank for Rs 34 crore and waived Rs 18 crore causing wrongful loss of such amount to the bank. Considering nature of the transaction and relations of applicant with the directors of Percept Companies…, I am of the view that, applicant is not entitled for interim relief," the judge said.
Hindustan Times
19-06-2025
- Business
- Hindustan Times
New India Co-op Bank fraud: EOW registers fresh FIR over loan default
MUMBAI: Three senior executives of the Percept Group, organiser of the Sunburn music festival, have been booked in connection with the New India Cooperative Bank fraud case for alleged loan irregularities and providing kickbacks to senior bank officials. All three individuals have been named in a First Information Report (FIR) registered by the Economic Offences Wing (EOW) of the Mumbai Police investigating irregularities in loans sanctioned by the bank. Police said the Percept Group, a prominent entertainment, media and communications conglomerate, had taken a ₹77-crore loan from New India Cooperative Bank, of which ₹18.56 crore was waived by senior bank officials also named in the FIR. Directors of the scheduled bank accepted ₹6.37 crore in kickbacks for declaring the loan as a Non-Performing Asset (NPA) and waiving ₹18.56 crore on the principal sum as well as on interest due. According to the EOW, the loan had been sanctioned to Percept without due diligence and the offence had been committed between September 2014 and October 2023. Police said that while investigating bad loans extended by the bank, they found documents in Bhoan's home – he was arrested several months ago – and the trail eventually led to the Percept Group. The New India Cooperative Bank fraud surfaced in February, when a surprise audit by the Reserve Bank of India revealed that ₹122 crore had been spirited away from the bank's cash reserves. The EOW has since registered several FIRs, including the one implicating the Percept Group, while uncovering a complex web of financial irregularities committed by the bank. This FIR, registered at the Dadar police station on Wednesday, names Harindra Pal Singh, founder and managing director of the Percept Group; two senior executives of Percept, Manoj Kumar Patra and Suket Kumar Patel; unnamed directors of the group; Hiren Bhanu and his wife Gauri, former vice-chairperson of the bank; Ranjit Bhanu, Hiren's father, the now deceased founder of the bank and former MLA from Colaba; Abhimanyu Bhoan, former CEO of the bank; and two senior bank executives, retired IAS officer Satish Chander and Damyanati Salunkhe. Explaining how the kickbacks were paid to the New India Cooperative Bank officials, police said Hiren Bhanu, Bhoan, and Patel fabricated bills in the name of a UK-based shell company floated by Bhanu, and charged those sums, collectively amounting to ₹6.37 crore, to Percept. 'We have registered offences under sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servants, bankers, merchants, brokers, attorneys or agents), 418 (cheating with knowledge that wrongful loss may ensue to a person whose interest offender is bound to protect) and 120 B (criminal conspiracy) of the Indian Penal Code (IPC),' said the police officer.
Time of India
18-06-2025
- Business
- Time of India
Mumbai EOW files FIR against Percept founder-director, New India Co-operative Bank former chairman, eight others in Rs 25 crore loan fraud
Mumbai: The city's Economic Offences Wing (EOW) on Wednesday registered a case of cheating and criminal breach of trust against Percept Ltd founder-director Harinder Pal Singh, New India Co-operative Bank former chairman Hiren Bhanu and his wife Gauri, bank's former CEO Abhimayu Bhoan, Ranjit Bhanu (deceased) and five others for allegedly causing a loss of around Rs 25 crore to the bank between 2014 and 2023. This is the second FIR registered against the Bhanus and Bhoan. In Feb, a case was filed against the Bhanus, Bhoan and seven others after RBI officials found Rs 122 crore cash missing from the cooperative bank. According to the fresh FIR, Bhanu and a few bank officials had sanctioned a loan of Rs 77 crore to Percept Group, a media and entertainment firm. Police claimed that Bhanu, who was then also the director of Hermis group of companies, received nearly Rs 6.4 crore from Percept as kickbacks, which was shown as business dealings with the Percept Group using fake invoices. A police source said that Percept claimed it could not repay the loan, and Bhanu, then the chairman of New India Co-operative Bank, and others granted it a waiver of Rs 18.6 crore. Police said the fraud took place between Sept 3, 2014, and Oct 19, 2023. The FIR was registered at Dadar police station, and the probe was later taken over by EOW. Last month, the EOW had filed a 12,634-page chargesheet against 10 accused, including the Bhanus and Bhoan, in the alleged misappropriation of Rs 122 crore cash from the cooperative bank between 2020 and 2025. The chargesheet, filed before a metropolitan magistrate's court, had named Bhoan, the bank's general manager Hitesh Mehta, developer Dharmesh Paun, Dahisar resident Manohar Arunchalam, civil contractor Kapil Dedhia, Ulhashnath Arunchalam, political activist's son Javed Farooq Azam, and Ravivaranjan Pandey. The Bhanus were declared absconders and proclaimed offenders.
