The fresh FIR has been filed against Ranjit Bhanu (deceased), Hiren Bhanu, vice-chairman Gauri Bhanu, Satish Chander, Damyanti Salunkhe, Harinder Singh, Manoj Patra, Suket Patel, Abhimanyu Bhoan and directors concerned of New India Cooperative Bank and directors of two private companies including a prominent advertising agency.

According to the EOW, the accused bank officials committed the embezzlement of funds by declaring the loan account NPA in lieu of money and waived off Rs 18.56 crore on principal and interest to the company concerned, the officer said.

As per the police complaint, between September 3, 2014, and October 19, 2023, the accused bankers conspired together and sanctioned a loan of Rs 77 crore to a group of private companies without following due diligence.

For this, the accused ex-chairman Hiren Bhanu along with Suketukumar Patel and Abhimanyu Bhoan showed that they had some business transactions with the said company.

Using the receipts of these transactions, they allegedly transferred Rs 6.37 crore of the loan amount to their own company (as kickbacks), an EOW official said.

In return, the loan account of the company to which the loan was given was declared as NPA. After this alleged compromise, the principal and interest amount of Rs 18.56 crore given to the company was waived off, the officer added.

The then chairman, vice-chairman and the director concerned were involved in decision making and allegedly caused a loss of Rs 24.93 crore to the bank.

The police have booked the accused under sections 406, 409, 418 and 120 (B) of the Indian Penal Code.

Earlier in February, the EOW had registered the first FIR against the bank’s ex-GM Hitesh Mehta for allegedly embezzling money from the bank’s safe from 2019 to 2025.

Police said after the fraud was uncovered during an RBI inspection at the bank’s Prabhadevi and Goregaon branches on February 12, Mehta confessed to the crime and revealed the roles of the other accused.

EOW in May filed a 12,634-page chargesheet in the case against 10 people including the former general manager of the bank Hitesh Mehta.

Former chairman of the bank Hiren Bhanu and former deputy chairman and his wife Gauri Bhanu have been shown as wanted accused in the case. Blue corner notices have already been issued against them.