look news india
Mumbai: The Economic Offenses Wing (EOW) of Mumbai Police has arrested Bhavesh Shah, a Malad businessman, for helping a nationalized bank manager withdraw Rs 36 crore from two fixed deposit accounts of Mathadi Kamgar Union. This case was registered in 2019. However, after a five-year investigation, Shah was arrested.
According to more information in this regard, Iron and Steel Workers Welfare Board President Balraj Deshmukh has lodged a complaint with the police in this regard. Deshmukh is the leader of Mathadi labor union. Deshmukh alleged in a police complaint that Nikhil Roy, manager of a nationalized bank in Byculla, had contacted his union. Roy promised them high interest rates on fixed deposits.
Elaborating on the case, an Economic Offenses Wing official said that after being approached by Roy, the Mathadi labor union created two separate FDs totaling Rs 45 crore in 2018 and 2019. Thereafter the union officials repeatedly visited the bank and obtained information about the FD, while they were continuously assured by the bank that everything was running normally.
However, the branch manager then allegedly transferred Rs 36 crore of the union's FD to various accounts with the help of 14 newly opened bank accounts and later withdrew it. The officer clarified that a total of 11 people including Roy were arrested in this case and now Malad resident Shah has been arrested. Shah is in the business of providing access and he not only helped Roy transfer money to various bank accounts but also bought nine kilos of gold worth Rs five crore from the bullion market and gave it to Roy. Apart from this, the officer said that we found that Shah had also transferred Rs 2.5 crore to his bank account.
