Mumbai Court Approves Landmark Property Attachment in Rs 168 Crore New India Co-op Bank Fraud Case
MUMBAI : In a significant development following the enactment of new criminal laws, a Mumbai court has permitted the Economic Offences Wing (EOW) of Mumbai Police to attach 21 properties valued at Rs 167.85 crore. The action is part of an ongoing investigation into the alleged embezzlement case at the New India Co-operative Bank. This marks the first such instance in Mumbai under the recently implemented Bharatiya Nagarik Suraksha Sanhita (BNSS).
Court Approves Property Attachment Under Section 107 of BNSS
The court’s decision on Wednesday allows the EOW to proceed with the attachment of assets belonging to five accused individuals, including real estate properties, residential flats, and commercial establishments. The police invoked Section 107 of BNSS, which empowers authorities to seize any property that has been
“derived or obtained, directly or indirectly, as a result of a criminal activity.”
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Details of Attached Properties
Among the properties ordered for attachment, a Slum Rehabilitation Project worth Rs 150 crore in Charkop stands out. The project is being developed by Dharmesh Paun, one of the key accused in the case. Other attached assets include:
- Seven flats, a shop, and a bungalow belonging to Hitesh Mehta, the former general manager of New India Co-operative Bank.
- A commercial shop owned by Unnahalathan Arunachalam.
- A residential flat owned by Kapil Dedia.
- Multiple properties in Bihar, including a shop and a flat in Madhubani, and another flat in Patna, belonging to businessman Javed Azam.
Multi-Crore Embezzlement Case: Eight Arrested
The financial fraud investigation, spearheaded by the EOW, has so far led to the arrest of eight individuals accused of siphoning off Rs 122 crore from the bank. The attachment of properties is a crucial step in securing assets linked to the financial crime and ensuring justice for the defrauded institution and its stakeholders.
Legal and Law Enforcement Implications
This case sets a legal precedent in Mumbai, demonstrating the stringent enforcement of the BNSS in financial fraud investigations. The ability to attach assets under Section 107 strengthens the state’s ability to crack down on white-collar crimes, ensuring that illicit financial gains are recovered efficiently.
As the investigation progresses, legal experts and law enforcement agencies are closely monitoring the case, which could shape future applications of the BNSS in financial crime investigations across India.
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