Mumbai Police unearth ₹400 Cr OTS scam in New India Cooperative Bank; ex-Vice Chairman absconding

Mumbai Police’s Economic Offences Wing (EOW) has unearthed a ₹400 crore scam related to the one-time settlement (OTS) of loans at New India Cooperative Bank. An FIR has been filed against 12 individuals, including the bank’s former Vice Chairman Hiren Bhanu and his wife Gauri, both of whom are absconding.

Already named in ₹122 crore case

Police revealed that the couple was already facing allegations in a separate ₹122 crore case. The duo, now suspects in this fresh financial irregularity, is believed to be in London.

Extradition efforts under way

“Mumbai Police is preparing a Red Corner Notice for their extradition,” the police confirmed, indicating that steps are being taken to bring the accused back to face legal proceedings.