Mumbai police’s Economic Offences Wing (EOW) has arrested former New India Co-operative Bank CEO Abhimanyu Bhoan, 45, in connection with the R122 crore fraud case. Sources in the EOW have said that Bhoan had been associated with the bank since 2008, initially serving as the vice president of IT. In 2019, he was promoted to CEO, succeeding Damayanti Salunkhe, who was then appointed as the bank’s executive director. In September 2024, the bank sought an extension for his tenure as CEO from the Reserve Bank of India (RBI), but the request was denied. On February 6 the bank informed him that he was being removed from the CEO position. Since then, he has been on leave.

Bhoan was not initially present at the bank when the investigation began. He was questioned on Tuesday and again on Thursday, following which he was arrested at 11 pm. He has been remanded in police custody until February 28 on Friday by Esplanade court.  Meanwhile, the custody of previously arrested accused Hitesh Mehta and Dharmesh Paun has also been extended until February 28.