Mumbai: The Economic Offences Wing (EOW) of the Mumbai police have filed a chargesheet against former office bearers of New India Co-operative Bank and executives of the Percept Group alleging a conspiracy involving irregular loan sanctions, diversion of funds, wrongful release of collateral and illegal loan waivers that allegedly caused a loss of Rs 15.32 crore to the bank.The banking unit of EOW submitted chargesheet naming late chairman Ranjit Bhanu; former chairman Hiren Bhanu; his wife, vice-chairperson Gauri Bhanu; CEO Abhimanyu Bhon; Percept Group chairman Harindra Pal Singh and several Percept Group companies. The accused have been charged for alleged criminal breach of trust, cheating, conspiracy and embezzlement. Police said further investigation and forensic audit of the transactions are still underway.In the chargesheet, police alleged loans worth about Rs 77 crore were sanctioned to financially weak Percept companies between 2014 and 2023 despite incomplete documents. Police alleged Rs 6.37 crore from the loan funds was diverted to Hermes Sports and Entertainment Ltd, a UK-based company linked to Hiren Bhanu. It further alleged that Hermes Group companies submitted bills for acting as international artist agents for Percept Group companies and received nearly Rs 13.20 crore. The chargesheet claimed some of the bills were signed and processed by CEO Abhimanyu Bhon.Investigators also alleged irregularities in the handling of collateral mortgaged against the loans. A key property at Raghuvanshi Mill Compound in Lower Parel, pledged as security for multiple Percept Group loans, was severely damaged in a fire in June 2020, and later faced demolition notices from the civic authorities. Despite this, police alleged that portions of the mortgaged property, including the second floor and six car parking spaces, were released in favour of Percept Live Pvt. Ltd. in May 2022, without obtaining alternate collateral or fresh valuation.The chargesheet further alleged that New India Co-operative Bank granted substantial benefits to Percept Group companies under a One Time Settlement policy introduced in 2023. According to investigators, while the outstanding dues of three Percept Group companies stood at Rs 49.82 crore, the bank accepted Rs 34.50 crore and waived Rs 15.32 crore, including Rs 8.52 crore in principal and Rs 6.79 crore in interest.Police alleged that the OTS policy was structured specifically to benefit Percept Group companies and noted that no other borrower had received a waiver of principal amounts under similar settlements. The chargesheet also referred to RBI observations stating that the borrower group’s settlement in FY 2022-23 resulted in an interest sacrifice of Rs 2.91 crore and that the bank misreported the closure status of 11 accounts to Credit Information Companies during FY 2023-24 in violation of RBI norms.The chargesheet said they found no evidence against four other accused — Satish Chander, Damayanti Sanlukhe, Manoj Kumar Patra and Suketukumar Patel — and no chargesheet has been filed against them.
