New India Co-op Bank case: Ex-chief Hiren Bhanu, wife declared proclaimed offenders

The EOW has already filed a 12,634-page chargesheet in May, followed by a supplementary chargesheet in August against the auditors who had given the bank an ‘A’ grade rating despite massive irregularities. The auditors’ report overlooked alleged siphoning of around ₹122 crore directly from the bank’s vaults

MUMBAI: A Metropolitan Magistrate court on Friday declared former New India Cooperative Bank chairman Hiren Bhanu and his wife Gauri Bhanu, the bank’s former deputy chairperson, proclaimed offenders in the ₹122-crore misappropriation case.

New India Co-op Bank case: Ex-chief Hiren Bhanu, wife declared proclaimed offenders

A proclaimed offender is a person who fails to appear for a court trial or investigation, despite being summoned.

According to the police, the declaration is a crucial step towards securing a Red Corner Notice against the couple through Interpol. A senior officer said, “On the request of the Economic Offences Wing (EOW), the court declared Hiren and Gauri Bhanu proclaimed offenders. This is an important step in the international tracing process.”

Both accused allegedly fled India before the First Information Report (FIR) was registered. A Blue Corner Notice—used to track a suspect’s movements—was issued against them in March 2025. However, to formally seek their extradition, investigators require a Red Corner Notice, which serves as an international arrest warrant. For this, the police are currently translating case documents into English, as required by Interpol.

The EOW has already filed a 12,634-page chargesheet in May, followed by a supplementary chargesheet in August against the auditors who had given the bank an ‘A’ grade rating despite massive irregularities. The auditors’ report overlooked alleged siphoning of around ₹122 crore directly from the bank’s vaults.

The chargesheet names Hiren and Gauri Bhanu as beneficiaries of funds misappropriated by the bank’s then general manager, Hitesh Mehta, described by investigators as the main accused. The probe also uncovered irregularities in loan disbursals and the classification of accounts as Non-Performing Assets (NPAs).

Police said Hiren’s father, Ranjit Bhanu—a lawyer, trade unionist, and former MLA—was among the founders of the New India Cooperative Bank. Hiren, a British national, is suspected to have fled the country on January 26, 2025, and is believed to be in Abu Dhabi.

The EOW’s investigation began after a Reserve Bank of India (RBI) audit on February 12, 2025, revealed that ₹122 crore was missing from the bank’s cash reserves. The audit found ₹112 crore missing from the Prabhadevi branch vault and another ₹10 crore from the Goregaon branch.