In a significant breakthrough in the ongoing New India Cooperative Bank Rs122 crore scam, the Economic Offences Wing (EOW) of the Mumbai Police has arrested Rajiv Ranjan Pandey, who was apprehended in Bokaro, Jharkhand. During his interrogation, Pandey admitted to investing Rs15 crore, which he received from the main accused, Hitesh Mehta and Unnathan Arunachalam, into various companies using Corporate Social Responsibility (CSR) funds.
According to EOW sources, Pandey used the available CSR funds to invest in multiple companies, promising returns of 50% higher than usual. These profits were allegedly funneled back to Mehta and Arunachalam. Pandey revealed that he was fully aware of the criminal nature of the investments and played a central role in the conspiracy.
Further investigations showed that Pandey, along with three associates, had traveled to Mumbai to meet with Mehta and Arunachalam. During their meeting, Pandey proposed lucrative returns on investments, prompting Mehta to withdraw Rs15 crore from the bank, which was then handed over to Arunachalam, who later delivered the funds to Pandey in his office.
Pandey, who operates a hotel business in Bokaro, had his name linked to the scam after Arunachalam’s interrogation. Acting on this lead, a special EOW team was dispatched to Jharkhand to arrest him. However, Pandey attempted to evade capture by raising an alarm and seeking assistance from local residents. Eventually, his brother, Nandkumar Tripathi, brought him to the Bokaro Steel Police Station, where Pandey confessed to his involvement in the scam, revealing that he had received Rs15 crore from Arunachalam and earned a commission on the profits generated.
On Sunday, Pandey was produced before a holiday court. The EOW requested police custody for seven days to trace the Rs15 crore investments, identify the companies involved, and ascertain the profits. The court granted a five-day remand, extending Pandey’s custody until March 28. The investigation is ongoing, as the EOW works to uncover the full scope of the scam and identify other suspects.
