Hiren Bhanu NICB-842026-2 case update: ED attaches ₹16.95 crore assets linked to ₹122 crore New India Co-operative Bank fraud; probe reveals fund siphoning, foreign transactions, and key accused absconding.
Article by: Rupesh Kumar Singh Follow Me
The Directorate of Enforcement (ED), Mumbai Zonal Office, has taken major action in the Hiren Bhanu NICB-842026-2 case by provisionally attaching assets worth ₹16.95 crore under the Prevention of Money Laundering Act (PMLA), 2002.
According to the official press release dated April 8, 2026, the attached assets include 33 movable and immovable properties such as fixed deposits, bank balances, residential flats, commercial offices, and agricultural land linked to Hiren Ranjit Bhanu and his family members.
₹122 Crore Fraud Origin
The ED investigation was initiated based on an FIR registered by the Economic Offences Wing (EOW), Mumbai Police, in connection with an alleged embezzlement of approximately ₹122 crore from New India Co-operative Bank Limited.
The probe revealed a systematic siphoning of funds over a prolonged period through manipulation of accounting systems and falsified inter-branch cash entries.
Key Role of Bank Officials
The investigation identified Hitesh Pravinchandra Mehta, former General Manager and Head of Accounts at the bank, as a key accused. He allegedly created fake accounting records and admitted to withdrawing funds over time.
The ED further stated that these fraudulent activities were carried out at the behest of Hiren Bhanu, who exercised control over the bank’s operations both directly and indirectly.
Involvement of Family Members
The agency also named Gauri Hiren Bhanu, who served as Acting Chairman and Vice-Chairman of the bank, as a beneficiary of the misappropriated funds.
According to ED findings, the couple allegedly received proceeds of crime amounting to at least ₹26 crore.
Foreign Transactions and Money Trail
A significant revelation in the investigation is the alleged diversion of funds to foreign entities.
The ED found that Hiren Bhanu, in connivance with certain borrowers, acquired overseas business entities without paying any consideration. Funds were later routed into these foreign accounts through Indian borrowers who had availed large loans from the bank.
Legal Action and Current Status
The Economic Offences Wing has already filed charge sheets in the case. Non-bailable warrants and proclamation proceedings have been issued against Hiren Bhanu.
Officials stated that the accused are currently outside India and have not cooperated with the investigation.
Ongoing Investigation
The ED confirmed that further investigation is underway to trace the complete money trail and identify additional beneficiaries involved in the fraud, which has significantly impacted the bank and its depositors.
