Mumbai: Sessions Court Denies Bail To Ex-New India Bank CEO Abhimanyu Bhoan In ₹122 Crore Fraud Case

Mumbai: The sessions court has refused to grant bail to Abhimanyu Bhoan, former CEO of scam-riddled New India Co-operative Bank, observing that huge amounts of funds to the tune of Rs122 crore were siphoned systematically and nothing could be seized and recovered till date.

Bhoan was arrested by the Mumbai police in the last week of February for his role in the bank’s collapse. While seeking bail, Bhoan pleaded that he was falsely implicated in the case, merely based on the statement of co-accused (general manager) Hitesh Mehta. The sessions judge, RK Deshpande, noted, “As per the prosecution, two of the nine co-accused are absconding till date.

In such a scenario, if the applicant is released on bail… the possibility of tampering with the investigation and threatening the witnesses (who prima facie appear to be related with the bank) cannot be ruled out.” The court noted that Bhoan, at the time the alleged fraud surfaced, was working as the CEO of the bank’s Prabhadevi branch, and the prime accused Hitesh Mehta was working under his supervision. “Prima facie, as the bank’s CEO, he (Bhoan) handled each and every cash transaction and was well aware about the cash in hand in the bank,” the court further noted.

Referring to Bhoan’s brain mapping reports, the court said it is revealed that he received funds to the tune of Rs1 crore from Mehta. The court further said, “From the contents of the chargesheet, prima facie it’s a systematic, well planned conspiracy played by the applicant along with other co-accused in order to grab Rs122 crore, which is totally public money…” The court said that such types of acts are not expected from a bank official in a responsible position.

The court said that “an economic offence was committed with cool calculation and deliberate design, and an eye on personal profit regardless of its impact on the community”. It said, “A disregard for the interest of the community can be manifested only at the cost of forfeiting its trust and faith… (we need) to administer justice in an even handed manner, without fear of criticism from quarters that view white collar crimes with a permissive eye, unmindful of the damage done to the national economy and national interest.”

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