Rs 122 crore New India co-op bank scam: Rs 45 crore diverted to bank’s then chairman’s overseas entities, says ED
The Enforcement Directorate (ED), which is carrying out a money laundering probe into the Rs 122-crore New India Co-operative Bank embezzlement case, said on Friday Rs 45 crore was diverted to the bank’s former chairman Hiren Bhanu’s overseas entities.
The ED on Thursday conducted searches at seven premises in Mumbai and Gujarat as part of its probe. During the searches, incriminating documents, including property-related documents and valuables of around Rs 1 crore, were seized, the agency said. The documents revealed diversion of bank funds from those loan accounts which later turned NPA into Bhanu’s overseas entities, ED sources said.
“Details and documents of such transactions amounting to more than Rs 45 crore sent to foreign entities related to Hiren Bhanu have been ascertained, whic...