India, April 26 -- The Enforcement Directorate (ED) on Thursday carried out searches at seven locations across Mumbai and Gujarat in connection with an alleged Rs.122 crore bank fraud involving the New India Co-operative Bank (NICB). The searches, conducted under the Prevention of Money Laundering Act (PMLA), led to the seizure of valuables worth Rs.1 crore and several documents, including property records.

The search operation centred on Hiren Bhanu, former chairman of New India Co-operative Bank, who allegedly facilitated the diversion of bank loans that turned into non-performing assets (NPAs). According to ED officials, these funds, estimated to exceed Rs.45 crore, were transferred to overseas entities linked to Bhanu. The alleged tr...