The Mumbai Police’s Economic Offences Wing (EOW) has registered a fresh First Information Report (FIR) alleging that senior officials of New India Co-operative Bank, along with executives from Percept Group (known for the Sunburn festival), conspired in a ₹25 crore loan fraud .
Key Accused
Harinder Pal Singh, founder‑director of Percept Ltd
Hiren Bhanu, former chairman of New India Co‑op Bank, and wife Gauri Bhanu
Abhimanyu Bhoan, ex‑CEO of the bank
Additional executives from the bank and Percept, along with the late Ranjit Bhanu
Allegations
Huge Loan Sanctioned – Between September 2014 and October 2023, ₹77 crore in loans were approved to Percept Group companies without proper due diligence
Kickbacks of ₹6.4 Crore – Bhanu and associates allegedly secured approximately ₹6.37 crore via phony invoices routed through a UK shell firm in principal and interest, classified as Non‑Performing Assets (NPAs)
Combined Losses Total ₹24.93–25 Crore – The sum of kickbacks and waiver is alleged to have caused wrongful losses to the bank.
Legal Charges
The FIR, filed at Dadar and now probed by the EOW, includes charges under:
IPC 406 (Criminal breach of trust)
409 (Breach of trust by a public servant or banker)
418 (Cheating)
120B (Criminal conspiracy)
Background Context
February’s RBI surprise audit exposed ₹122 crore missing in unexplained withdrawals from Prabhadevi and Goregaon branch vaults, prompting an earlier FIR and restrictions on the bank
In May, the EOW filed a massive 12,634‑page charge sheet naming 10 accused, including the Bhanus and Bhoan
Impact & Implications
The ₹25 crore default adds to the ongoing turmoil at the bank, undermining depositor confidence.
The case underscores systemic governance failures in co‑op banks, and the critical role of RBI oversight and forensic audits.
EOW investigations continue while attachment of properties (~₹168 crore) and charges under MPID Act are underway
✅ FAQs
Q1. What is the latest development in the New India Co-op Bank fraud case?
The Mumbai Police’s Economic Offences Wing (EOW) has registered a fresh FIR related to a ₹25 crore loan default involving Percept Group and former bank officials.
Q2. Who are the key accused in the loan fraud?
Percept founder Harinder Pal Singh, former bank chairman Hiren Bhanu, his wife Gauri Bhanu, ex-CEO Abhimanyu Bhoan, and several others have been named in the FIR.
Q3. What are the allegations in the ₹25 crore loan scam?
The accused allegedly sanctioned loans without due process, diverted funds via shell firms, received kickbacks, and wrote off large NPA amounts.
Q4. How much total loss did the bank suffer in this fraud?
According to the FIR, the fraudulent transactions caused losses amounting to nearly ₹25 crore.
Q5. Is this case linked to earlier scams at the same bank?
Yes, it connects to a broader ₹122 crore scam at New India Co-op Bank, which had previously led to another FIR and charge sheet by the EOW.
Published on 20 june
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