Mumbai: EOW have arrested the malad based businessman Bhavesh Shah after 5 Years in a case of cheating where Rs 36 crore that had been maintained as fixed deposits by mathadi workers with a nationalised bank was fraudulently transferred by accused Bank manager Nikhil Roy to his associates.
Nikhil Roy, manager of the bank’s Mazgaon branch has been arrested preciously by EOW and Roy has now been granted bail by the Supreme Court after three years, EOW officer said.
Balraj Deshmukh, chairman of Iron and Steel Kamgar Kalyan Mandal, a union of mathadi workers had lodged a complaint with the EOW in 2019. In May 2018, Roy had approached the Mandal and promised it high rate of interest on fixed deposits. By enticing with high-interest rates, Roy transferred ₹36 crore out of ₹45 crore into various 14 bank accounts.
In Surat, the accused Bhavesh Shah established a board under the name Iron and Steel Kamgar Kalyan Mandal along with two directors, without disclosing his own involvement, and opened a bank account for it. ₹14 crore was transferred into this bank account.
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After the bank transactions, the bank became suspicious and before the investigation into the transactions could begin, it is alleged that Bhavesh Shah withdrew ₹2.5 crore and gave it to Roy, the bank manager. Additionally, Bhavesh Shah withdrew ₹5 crore and used that money to purchase 9 kilograms of gold from a bullion dealer.
According to the investigation conducted by the police, the EOW officials stated that the bullion dealer confirmed that Shah had indeed purchased the 9 kilograms of gold.
It is also alleged that a certain amount was transferred to the account of Shivam Fashion Pvt Ltd, and the owner of this company, Diwakar Jha, is also on the EOW police's radar. So far, the police have arrested 12 individuals in this case.
The twelfth arrest was of Bhavesh Shah, who was taken into custody from his residence in Malad. The court has remanded him to 14 days of police custody.
