The Economic Offences Wing (EOW) of the Mumbai police has submitted 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. These actions are said to have caused a loss of Rs 15.32 crore to the bank.
Key Accused Named in Chargesheet
The banking unit of the EOW filed the chargesheet naming late chairman Ranjit Bhanu; former chairman Hiren Bhanu; his wife and vice-chairperson Gauri Bhanu; CEO Abhimanyu Bhon; Percept Group chairman Harindra Pal Singh; and several Percept Group companies. The accused have been charged with criminal breach of trust, cheating, conspiracy, and embezzlement. Police stated that further investigation and a forensic audit of the transactions are still underway.
Loan Irregularities and Diversion of Funds
According to the chargesheet, loans worth approximately Rs 77 crore were sanctioned to financially weak Percept companies between 2014 and 2023, despite incomplete documentation. Police alleged that Rs 6.37 crore from the loan funds was diverted to Hermes Sports and Entertainment Ltd, a UK-based company linked to Hiren Bhanu. Furthermore, 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 that some of these bills were signed and processed by CEO Abhimanyu Bhon.
Collateral Mishandling
Investigators also highlighted 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 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 a fresh valuation.
One Time Settlement Benefits
The chargesheet further alleged that New India Co-operative Bank granted substantial benefits to Percept Group companies under a One Time Settlement (OTS) policy introduced in 2023. Investigators stated that 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.
No Evidence Against Some Accused
The chargesheet said that no evidence was found against four other accused — Satish Chander, Damayanti Sanlukhe, Manoj Kumar Patra, and Suketukumar Patel — and therefore no chargesheet has been filed against them.
