Mumbai EOW Cracks Down: Building Material Supplier Arrested in ₹122 Crore Bank Scam
The Economic Offences Wing (EOW) in Mumbai has arrested Pawan Amarsingh Jaiswal, a 47-year-old building-material supplier, in connection with a ₹122 crore fraud at the New India Co-operative Bank. Jaiswal's arrest has exposed links to a broader money laundering network involving charitable trusts and real estate.
Bank FraudMoney LaunderingEowNew India Cooperative BankPawan Amarsingh JaiswalReal Estate MumbaiJul 06, 2025
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 that 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.
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.
The New India Co-operative Bank, established to serve the financial needs of its members, has been embroiled in this massive fraud, which has raised serious questions about internal controls and regulatory oversight. The EOW’s ongoing investigation aims to trace the entire money trail and bring all those involved to justice.
The arrest of Jaiswal is a significant step in unraveling the complex web of financial crimes and highlights the importance of stringent anti-money laundering measures. The EOW continues to work tirelessly to ensure that the financial integrity of the banking system is upheld and that public trust is restored.
Frequently Asked Questions
What is the New India Co-operative Bank fraud case about?
The New India Co-operative Bank fraud case involves a ₹122 crore embezzlement racket where funds were siphoned from the bank's safes in Prabhadevi and Goregaon branches over several years.
Who is Pawan Amarsingh Jaiswal and why was he arrested?
Pawan Amarsingh Jaiswal, a 47-year-old building-material supplier, was arrested by the Mumbai EOW for his alleged role in channeling ₹3.5 crore from the misappropriated funds to his accounts.
How many people have been arrested in this case so far?
Nine individuals, including Pawan Amarsingh Jaiswal, have been arrested in the ₹122 crore New India Co-operative Bank fraud case.
What assets have been seized by the authorities?
Authorities have executed asset seizures worth approximately ₹168 crore, including properties linked to the accused under the new Bharatiya Nyaya Sanhita provisions.
What are the next steps in the investigation?
The EOW will continue to trace the entire money trail and bring all those involved to justice. Jaiswal will be brought to Mumbai to assist with the investigation and further legal actions will be taken.
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