Mumbai: Probing the Rs 122 crore scam at the New India Co-operative Bank, the Economic Offences Wing (EOW) has learnt that Hitesh Mehta, the general manager and the prime accused, meticulously planned the fraud and executed it through a foolproof strategy.
He allegedly withdrew the whopping amount from the bank in a phased manner to avoid detection. To whitewash the money, he deposited it into the accounts of two unidentified trusts, for which he paid hefty commissions to those associated with the trusts, as per probe.
However, he has refused to reveal the names of the trusts, said the investigators, who suspect that a portion of the laundered funds was transferred abroad through the hawala operators. Authorities are tracking the exact amount and destination of these transactions. The EOW is also trying to identify the hawala operator involved.
Both Mehta and former CEO Abhimanyu Bhoan, now under arrest, were aware of the scam, however, they are not cooperating with the investigation, said sources. The EOW plans to conduct the duo's face-to-face interrogation. Dharmesh Poun, a real estate developer and one of the accused, allegedly received Rs12 crore from employees and officials appointed by Mehta.
The probe also revealed that the bank’s cash retention limit was increased from Rs10 crore to Rs 20 crore in 2016 to facilitate the fraud. By March 2019, Rs 33 crore cash was held at the bank’s headquarters, rising to Rs 99 crore by March 2020.
