Scam on the Run: Warrant Issued in Rs 122 Crore Bank Embezzlement

A local court has issued a non-bailable warrant against New India Cooperative Bank's former chairman Hiren Bhanu and his wife Gauri, charged with embezzling Rs 122 crore. The couple fled the country before the scandal emerged, prompting a police investigation that has led to multiple arrests.

A local court issued a non-bailable warrant against former New India Cooperative Bank chairman Hiren Bhanu and his wife, Gauri Bhanu, in a Rs 122 crore fraud case. The couple fled the country before the embezzlement case surfaced last month, officials reported on Wednesday.

The Mumbai police's Economic Offences Wing (EOW) has arrested seven individuals in connection with this case. The Bhanus, considered prime suspects, left the country in late January and early February. A Blue Corner Notice had been previously issued to locate them.

The EOW's investigation includes Hitesh Mehta, a former bank manager, arrested earlier who underwent a polygraph test indicating possible deception. As the probe into more financial transactions continues, additional arrests are anticipated as officials aim to uncover the full extent of this financial scam.

(With inputs from agencies.)