8th Accused Rajiv Ranjan Pandey Remanded To Police Custody Until March 28

Mumbai: In a crucial development in the Rs 122 crore New India Co-operative Bank scam, the Economic Offences Wing (EOW) has arrested Rajiv Ranjan Pandey, also known as Pawan Gupta, from Bokaro, Jharkhand. Pandey, 45, is the eighth individual apprehended in connection with the massive financial fraud. After being brought to Mumbai on Saturday, he was produced before the Esplanade Court, which remanded him to police custody until March 28.

Rs 15 Crore Transferred from Arunachalam to Pandey

EOW sources revealed that another accused, Arunachalam, had handed over Rs 15 crore to Pandey as part of a larger Rs 40 crore sum received from the prime accused, Hitesh Mehta. Investigators discovered that Pandey, along with three associates, had traveled from Jharkhand to Mumbai and convinced Arunachalam to invest in their business by promising lucrative returns. Trusting them, Arunachalam transferred Rs 15 crore to Pandey. The EOW is now tracing the identities of the three other individuals who played a role in this fraudulent investment scheme.

Brain Mapping Test for Hitesh Mehta

In a significant investigative move, Hitesh Mehta, the prime accused, is scheduled for a brain mapping test at the Forensic Science Laboratory (FSL) on March 28. This follows his lie detector test on March 11, which reportedly yielded negative results, suggesting deception. Unlike the polygraph test, which is limited to a set of predefined questions, the brain mapping test provides a more in-depth analysis. The EOW is hopeful that this advanced technique will extract critical information regarding the misappropriated funds and the network of individuals involved in the scam.

Javed Azam’s Rs 15 Crore Investment in Electronics Business

Investigations have also led to the discovery that Javed Azam, brother of BJP leader Hyder Azam and a previously arrested suspect, used Rs 15 crore from Arunachalam to expand his electronics business. Authorities found that Javed launched 11 electronic stores under the brand “Digital Duniya” across Bihar using the scam money. During questioning, Javed admitted to the investment. In light of this revelation, an EOW team is set to travel to Bihar next week to seize properties linked to Javed’s fraudulent earnings.

Unreported Robbery at Arunachalam’s Andheri Office

Before the scam was exposed, Arunachalam’s Andheri office was allegedly targeted in a robbery, during which a substantial amount of cash, part of the misappropriated funds, was stolen. However, neither Arunachalam nor Javed reported the theft, fearing that disclosing the incident would expose their illegal activities. The EOW is now working to verify the details of this robbery and its connection to the scam.

As investigations progress, the EOW continues to track financial transactions and identify additional individuals involved in laundering the fraudulent funds. Authorities are also preparing to seize more properties linked to the accused while intensifying interrogations to uncover further details about the scam.