Daijiworld Media Network - Mumbai

Mumbai, Oct 21: A special MPID court on Saturday rejected the bail plea of Abhimanyu Bhoan, the former CEO of New India Co-operative Bank Ltd, in connection with a Rs 122 crore fraud and cash shortfall case. The court cited Bhoan’s “active and major role” in what it called a calculated and well-orchestrated conspiracy to siphon off public funds.

Judge R.K. Deshpande, while passing the order, stressed the seriousness of economic offences, especially those involving public money. He observed that such crimes are committed with “cool calculation and deliberate design,” often with complete disregard for the impact on the wider community and the financial system. He noted that Bhoan, given his senior and responsible position at the bank, was expected to act

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