Rajiv Ranjan Pandey Arrested in Rs 122 Crore New India Co-op Bank Scam, Remanded to Custody

Rajiv Ranjan Pandey, also known as Pawan Gupta, was arrested in connection with the Rs 122 crore New India Co-operative Bank scam. He is the eighth person detained in the case. Pandey, 45, was apprehended in Bokaro, Jharkhand, and brought to Mumbai, where he was remanded to police custody until March 28. Investigators found that he received Rs 15 crore from another suspect, Arunachalam, who was convinced to invest in a fraudulent business scheme.

The money came from the prime accused, Hitesh Mehta. Mehta will undergo a brain mapping test on March 28 after his polygraph test showed negative results. Javed Azam, another suspect, used Rs 15 crore to expand his electronics business in Bihar. Authorities plan to seize properties linked to these investments. Arunachalam’s office in Andheri was allegedly robbed of scam funds, but the theft wasn’t reported. The Economic Offences Wing (EOW) is tracking financial transactions and identifying more individuals involved in the fraud.

Rajiv Ranjan Pandey Arrested in Rs 122 Crore New India Co-op Bank Scam, Remanded to Custody

Rajiv Ranjan Pandey, also known as Pawan Gupta, has become the eighth person arrested in the New India Co-operative Bank scam, a major financial fraud totaling ₹122 crore. The 45-year-old was captured in Bokaro, Jharkhand, and transported to Mumbai, where a court ordered him held in police custody until March 28. His arrest marks progress in a sprawling investigation into embezzlement and deceit linked to the bank.

Pandey’s role in the scam centers on convincing a man named Arunachalam to invest in a fake business venture. Alongside associates, Pandey traveled from Jharkhand to Mumbai to persuade Arunachalam, promising high returns. Investigators discovered that Arunachalam handed over ₹15 crore to Pandey as part of this scheme. This amount was part of a larger ₹40 crore sum provided by Hitesh Mehta, the alleged mastermind behind the fraud. Authorities are now working to uncover the full network of individuals involved, including others who may have received portions of the stolen funds.

Hitesh Mehta, the primary suspect, is set to undergo a brain mapping test on March 28 after a previous lie detector test yielded unclear results. Investigators hope this new test will reveal deeper insights into how the scam operated and identify additional collaborators. Mehta’s cooperation—or lack thereof—could prove critical in untangling the complex web of transactions and false promises that fueled the fraud.

Meanwhile, Javed Azam, another suspect and brother of BJP leader Hyder Azam, allegedly used ₹15 crore from the scam to grow his electronics business. He launched 11 new stores under the “Digital Duniya” brand across Bihar. Law enforcement plans to visit Bihar soon to seize properties and assets purchased with these illicit funds. This move aims to recover stolen money and dismantle the financial gains Azam allegedly made through the scheme.

A mysterious robbery at Arunachalam’s office in Andheri, Mumbai, adds another layer to the case. A large sum of money, believed to be connected to the scam, was stolen during the incident. However, neither Arunachalam nor Javed Azam reported the theft to authorities, likely to avoid drawing attention to their involvement in the fraud. Investigators are now piecing together details of the robbery to determine how it ties into the broader scam.

The Economic Offences Wing (EOW) is leading the charge, tracking money trails, identifying more suspects, and preparing to confiscate additional properties linked to the accused. Their efforts include analyzing bank records, witness statements, and digital evidence to build a watertight case. As the probe continues, more arrests and revelations are expected.

The scale of the scam highlights vulnerabilities in financial systems and the ease with which fraudulent schemes can exploit trust. Victims, lured by promises of high returns, often remain silent out of fear or shame, allowing culprits to operate undetected. This case underscores the importance of vigilance and transparency in investments, urging the public to verify opportunities thoroughly.

Authorities remain focused on recovering the embezzled funds and ensuring accountability. With key figures like Pandey and Mehta in custody, the investigation is gaining momentum. However, challenges persist, including locating hidden assets and convincing reluctant witnesses to come forward.

As the March 28 deadline for Pandey’s custody and Mehta’s brain mapping test approaches, the next few weeks could prove pivotal. The outcomes may determine how much of the stolen ₹122 crore can be reclaimed and how many more individuals will face justice. For now, the EOW’s relentless pursuit sends a clear message: financial fraud will be met with rigorous scrutiny and consequences.