Inside the New India Co-Operative Bank Scam: Fresh Allegations and Ongoing Fallout

The Economic Offences Wing (EOW) of Mumbai police has intensified its investigation into the New India Co-Operative Bank scam, registering a fresh case involving a Rs 24.93 crore wrongful loss. Key figures in the case include former chairman Hiren Bhanu and his wife, ex-chairman Satish Chander, former managing director Damayanti Salunkhe, and ex-CEO Abhimanyu Bhoan.

Allegedly, the bank sanctioned Rs 77 crore in loans to a company without proper diligence, eventually declaring these accounts as non-performing assets (NPAs). The issue surfaced amid the EOW's probe into the previous Rs 122-crore embezzlement scam linked to the bank.

Accusations include kickbacks of Rs 6.37 crore received by Bhanu, Bhoan, and another bank official under the guise of business deals. After declaring the loan accounts as NPAs, the accused settled the accounts by waiving Rs 18.56 crore, resulting in the total loss. Previously, Rs 122 crore was siphoned from the bank's Mumbai offices, prompting a filed chargesheet.

(With inputs from agencies.)