India, May 1 -- A metropolitan magistrate court has rejected the bail application of Abhimanyu Bhoan, former CEO of the New India Cooperative Bank, who is accused of embezzling Rs.122 crore from the bank's cash reserves.

Additional chief judicial magistrate Rekha Thakur, in her April 28 order, noted that Bhoan was fully aware of the bank's cash position and allegedly committed the offence in collusion with Hiren Bhanu-son of the bank's co-founder Rajni Bhanu-and his wife Gauri Bhanu. Both have reportedly fled India with their children and are believed to be in Abu Dhabi, United Arab Emirates.

The court observed that Bhoan had allegedly switched to a new mobile phone and destroyed his previous one, apparently to eliminate evidence linkin...