Daijiworld Media Network - Mumbai

Mumbai, Oct 21: A special MPID court on Saturday rejected the bail plea of Abhimanyu Bhoan, the former CEO of New India Co-operative Bank Ltd, in connection with a Rs 122 crore fraud and cash shortfall case. The court cited Bhoan’s “active and major role” in what it called a calculated and well-orchestrated conspiracy to siphon off public funds.

Judge R.K. Deshpande, while passing the order, stressed the seriousness of economic offences, especially those involving public money. He observed that such crimes are committed with “cool calculation and deliberate design,” often with complete disregard for the impact on the wider community and the financial system. He noted that Bhoan, given his senior and responsible position at the bank, was expected to act with integrity—something that was grossly violated in this case.

Referring to multiple Supreme Court rulings, the judge underscored that economic crimes with deep-rooted conspiracies and large-scale public fund losses must be treated as grave offences, as they threaten the country’s financial stability.

The case originated in February 2025 when an RBI inspection team uncovered a shocking Rs 112 crore shortfall in the bank's Prabhadevi branch vault during a surprise audit. The cash register records didn’t match the physical count. An FIR was initially filed against the bank’s general manager Hitesh Mehta and unnamed individuals. Subsequent investigations by the Economic Offences Wing led to charges against several others, including Bhoan.

The court noted that evidence on record "prima facie reveals" the fraud was part of a “systematic, well-planned conspiracy” led by Bhoan and others, and that no recoveries had been made so far.

Bhoan, currently charged under various sections of the Bharatiya Nyaya Sanhita (BNS), including Section 316(5) which can attract a life sentence, argued for bail on the grounds that he was not initially named in the FIR and was implicated later through a co-accused’s statement. His counsel also pointed out that the chargesheet had already been filed, suggesting a change in circumstances. However, the prosecution countered that, as CEO, Bhoan bore direct responsibility for the bank's financial operations and that granting bail could risk tampering with evidence or influencing witnesses.

With the investigation still underway and the scale of the alleged fraud being immense, the court held that releasing Bhoan would not be appropriate at this stage.