he ₹122 crore New India Co‑operative Bank fraud case, Mumbai’s Economic Offences Wing (EOW) apprehended Pawan Amarsingh Jaiswal, a 47‑year‑old building-material supplier, from a residential colony in Lucknow. He is the ninth individual arrested in the sprawling embezzlement racket involving the bank’s Prabhadevi and Goregaon branches .
Suspect Linked with Multi‑Crore Laundering
According to Mumbai Police, Jaiswal—a resident of Jharkhand—allegedly channelled ₹3.5 crore from the misappropriated funds to his accounts . His arrest followed actionable intelligence that placed him at a residence in Gomtinagar Extension. He has been granted transit remand until July 7, and will be brought to Mumbai to assist with the investigation .
The EOW alleges the accused siphoned money from bank safes in two Mumbai branches over several years. A chargesheet has been filed against ten people, including former chairman Hiren Bhanu and his wife Gauri Bhanu—both now declared fugitives . Authorities have executed asset seizures worth approximately ₹168 crore, including properties linked to the accused under the new Bharatiya Nyaya Sanhita provisions .
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Tracing a Multi-State Money Trail
Further investigation revealed the scam’s far-reaching tentacles: bank insiders, shell accounts, and external associates across Maharashtra, Jharkhand, and Uttar Pradesh worked to launder money through lending, investments, and real estate. Jaiswal’s arrest reportedly unveils connections to larger laundering channels involving charitable trusts and developer syndicates.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change