Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has made a major revelation in the ₹122 crore scam involving New India Cooperative Bank. Investigators have found that key accused Hitesh Mehta had handed over ₹15 crore to Ajay Singh Rathod and Rajeev Ranjan Pandey through a trust to convert the black money into white. In return, the duo had promised to give Mehta ₹22 crore.
According to the EOW, after receiving the ₹15 crore from Mehta, Rathod and Pandey split the amount equally. Rathod took his ₹7.5 crore share and went into hiding in Rajasthan, while Pandey allegedly gave ₹3 crore from his share to his associate Pawan Jaiswal. Following this development, EOW has now declared Ajay Rathod and Pawan Jaiswal as wanted accused in the bank fraud case and launched a manhunt for both.
An unexpected detail has emerged about how Hitesh Mehta came into contact with Rathod. According to EOW sources, a Satara-based gang, known for converting black money into white through trusts, facilitated their introduction. Mehta had initially planned to give the ₹15 crore to this gang, but the deal fell through, prompting Mehta to deal directly with Rathod.
The investigation further revealed that Mehta first expressed his intent to invest ₹15 crore to his family priest, Shravan Pandit Durave. Durave reached out to the Satara gang, beginning with Indrajit Chavan (a farmer), who informed his investor sisters.
They contacted lawyer Shivaji Bhoite, who owned a trust. Bhoite got in touch with Sachin Berge, who then approached Pune-based accountant Santosh Akole—another person operating a trust. Akole connected with Ganesh Arlekar, who finally introduced Rathod.
A meeting between the gang and Mehta was held in Pune, where the Satara group demanded a CSR fund certificate from Rathod’s trust. When Rathod failed to provide the certificate, the group suspected foul play and backed out. Mehta then directly approached Rathod, who promised a return of ₹22 crore in exchange for an investment of ₹15 crore.
However, Mehta has not recovered any amount to date. The EOW is currently working to trace how Rathod used the ₹7.5 crore he received. Authorities believe critical information will surface once Rathod is apprehended. The investigation continues.
