Enforcement Enforcement Directorate
ED charges Hitesh Mehta and 7 others over ₹122 crore NICBL embezzlement
This is a press release from the Directorate of Enforcement (ED) announcing the filing of a Prosecution Complaint under the Prevention of Money Laundering Act (PMLA), 2002, regarding the embezzlement of approximately Rs. 122 Crore from New…
This is a press release from the Directorate of Enforcement (ED) announcing the filing of a Prosecution Complaint under the Prevention of Money Laundering Act (PMLA), 2002, regarding the embezzlement of approximately Rs. 122 Crore from New India Co-operative Bank Limited (NICBL). It matters to citizens as it details the legal actions taken against bank officials and associates for fraud affecting depositors and the bank's funds.
Who it concerns: The document concerns Hitesh Mehta (former General Manager and Head of Accounts at NICBL), Hiren Bhanu, other former Chairman/Vice-Chairman of NICBL, 7 other accused, the Directorate of Enforcement (ED), the Special Court (PMLA) Mumbai, and the depositors of New India Co-operative Bank Limited.
What the ED says it did
- ED filed a Prosecution Complaint under PMLA, 2002 against Hitesh Mehta and 7 others.
- The Special Court (PMLA) ordered the issuance of pre-cognizance notices to the accused.
- Investigation revealed embezzlement of around Rs. 122 Crore via manipulated accounting systems and false cash transfer records.
- Proceeds of Crime of Rs. 26 to 30 Crore were transferred to the former/Acting Chairman and Vice-Chairman.
- Hiren Bhanu allegedly acquired a foreign entity without payment and received funds via Indian borrowers.
- ED provisionally attached 33 properties worth Rs. 16.95 Crore, which was confirmed by the Adjudicating Authority, PMLA.
- Mumbai Police EOW filed charge sheets and issued non-bailable warrants against Hiren Bhanu.
- Accused are currently outside India and have not cooperated with the investigation.
Also in the document
- The investigation was initiated based on an FIR registered by the Economic Offences Wing (EOW), Mumbai Police.
- The accused allegedly exercised control over bank operations directly and indirectly through associates and family members.
- Investigation is ongoing to trace funds diverted to individuals or entities resulting in fraud against the bank and depositors.
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The original document
Enforcement Directorate — Attachments, arrests and prosecution complaints under PMLA and FEMA
Press release · Ref. 886eb384ff9d0bf5 · 14 Oct 2026
Read it here
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